A New Year Brings New HOA Budgets
A New Year Brings New HOA Budgets As nonprofit corporations, homeowner’s associations must establish budgets each year so that the revenue received by the association is sufficient to pay for, but does not exceed, the projected expenses for the year. This content is...
HOAs Beware: Inadequate Reserves + Deferred Maintenance = Big Problems
HOAs Beware: Inadequate Reserves + Deferred Maintenance = Big Problems Homeowners and property owners’ associations throughout the United States have been put on notice by the events that occurred earlier this year at the Champlain Towers in Florida of the real-life...
An Overview of the HOA Reserve Study Process
An Overview of the HOA Reserve Study Process State statutes and association governing documents require homeowners’ associations, regardless of size, to perform reserve studies and maintain appropriate levels of reserve funds. The purpose of such a rule requiring an...
Reserve Account Expenditures Require Proper Procedures and Authorization
Reserve Account Expenditures Require Proper Procedures and Authorization Homeowners associations are required to maintain an appropriate level of HOA reserve funds in order to have sufficient funds available for the repair, restoration, replacement, maintenance of, or...
Understanding the Proper Use of Homeowners Association Reserve Funds
Understanding the Proper Use of Homeowners Association Reserve Funds The use of homeowners association reserve funds is a topic of much confusion and controversy within homeowners associations. Because of the importance of maintaining proper levels of reserve funds,...
