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The best-run HOAs have boards that are smart with money. Those boards
manage their owners' money with care, and when they have unplanned
projects that require additional funding, they're equally methodical and
thoughtful.
What do those boards do that's so smart? They explore every funding
option, starting with well-known ideas like drawing on reserves, taking out a
loan, or passing a special assessment. Then they unearth funding options
that few HOA board members know about, like contractor funding and
government grants. They know the factors to consider when weighing each
option and how to present each choice in a way that allows owners to also
make educated decisions if they're involved in the decision making. If they
run into roadblocks in funding HOA projects, they regroup and try again
because they understand their fiduciary duty to operate in the best interest
of the HOA, even if the members are reluctant to dig into their pockets for
necessary funding. Finally, they have a pulse on their reserves so it's always
available for that rainy day, even if the HOA has just emerged from a
financial storm.
In this special report, you'll discover tips and guidance on funding options
from HOAleader.com's expert contributors—professionals who've devoted
their careers to serving and advising homeowners associations. Governing
documents and state laws vary, but this information will help you
understand how your association can meet all of its financial needs—and thrive.
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