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HOA Financial Matters

Subtopics: Budgets, Dues, Special Assessments, Financial Controls, Insurance, Reserve Accounts

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FHA Condo Certification Update; What You Need to Know
February 2012
Condo associations are still struggling to meet Federal Housing Administration certification requirements for mortgages insured by the federal agency. Here's the latest FHA condo certification news. . . . keep reading

Should You Study How Your Homeowners Association Stacks Up to Nearby HOAs?
January 2012
An owner reports online that her homeowner association commissioned a study to see how it compared to nearby HOAs in terms of amenities, services, costs, and market value. Should your HOA commission such a study? Where do you find a vendor to conduct such a survey? And are the results of such a study open to owners' review, or can you keep them confidential? Here are some answers. . . . keep reading

Can Your HOA Give Owners "Discounts" on Fees? Alternative Ways to Say Thank You
January 2012
What if you want to motivate your owners to do something--like volunteer on a committee or oversee the lobby redecoration? Is it possible to offer incentives--like reduced HOA fees for a specific period of time--to attract otherwise-apathetic owners? Here, our experts weigh in. . . . keep reading

Kick Off 2012: Learn from Other HOAs' Best Moves in 2011
January 8, 2012
In this week's tip, we give you a jump on smart homeowner association management in 2012 by revealing some of the best moves HOA boards made in 2011. . . . keep reading

Start 2012 Right: Review the Best Moves HOA Boards Made in 2011
January 2012
What better way to ring in the new year than to improve the operation of your HOA with ideas from your peers and the experts who advise them? . . . keep reading

Get a Judgment. No, Get a Lien. Which is Better?
December 30, 2011
In this week's tip, we answer a question vexing an HOAleader.com reader. Our reader reports that his new homeowner association management company wants to change the wording in the HOA's 10-day demand letter so the HOA would get an automatic judgment, not a lien, when a home owner doesn't pay. . . . keep reading

Can Your HOA Get a Judgment Instead of a Lien?
December 2011
A HOAleader.com reader reports that his new HOA management company wants to change the wording in the HOA's 10-day demand letter so the HOA would get an automatic judgment, not a lien, when a home owner doesn't pay. What's the difference? And do state laws allow that? . . . keep reading

Should Your HOA Board Refuse to Hire a Delinquent Owner's Employer? Discussion Forum Follow-Up
December 2011
An HOAleader.com reader asks: "One of our residents moved out of his house, but it's still in his name, and he owes $2,000 in back dues plus attorneys' fees. This person submitted a bid to do the snow removal. Some board members decided that since he is only the vice president of the snow removal company, they hired the company to perform our snow removal. Three people voted against the hiring, and four people voted to hire the company. I say this is 100 percent wrong, but I need something to support my feelings about this hiring." . . . keep reading

What Happens When a HOA Owner Dies?
December 2011
On a very sad note, home owner associations sometimes have to deal with the aftermath of the death of an owner. If an owner dies, leaving his unit empty until its fate is resolved through the legal process, what happens if the former owner's successors or executor fail to pay HOA dues? How can you handle that problem with respect? Here are some answers. . . . keep reading

Bidding Out HOA Work? RFPs Make the Job Easier and Save Money
November 11, 2011
In this week's tip, we lend a hand to an HOAleader.com reader. He says he's sent a request for proposal to six homeowner association management companies to rebid his HOA's current contract, and he'd like to know the process his board should follow in reviewing the bids and awarding the contract. . . . keep reading

How to Create an HOA RFP and Evaluate Responses
November 2011
An HOAleader.com reader has asked for some help. He says he's sent a request for proposal (RFP) to six homeowners association management companies to rebid his HOA's current contract, and he'd like to know the process his board should follow in reviewing the bids and awarding the contract. Here, our experts provide some guidance. . . . keep reading

4 Arguments to Combat Short-Term Owners' Resistance to Long-Term HOA Planning
October 2011
It's an all-too-common problem at HOAs: Owners who don't plan to stick around for more than a few years will resist or oppose repairs, improvements, and reserve funding that benefits later owners. What's the best argument for showing short-termers that they're harming their own financial interest? . . . keep reading

The Pros and Cons of HOA Self-Insurance
September 2011
Some HOAs are so large and their insurance premiums so hefty that they toy with the idea of self-insurance. Here, we explain what self-insurance is and discuss the risks. . . . keep reading

3 Ways to Save Money on HOA Purchases
September 2011
Are there ways you can save on products your HOA purchases? Here are three ideas from a board member and our experts. . . . keep reading

Fixing a Troubled HOA: Dissolution, Receivership, or Something Else?
September 23, 2011
A HOAleader.com reader is in a quandary. Her HOA is beset with delinquencies and warring factions. Some owners argue the answer is receivership or dissolution. In this week's tip, we discuss the pros and cons of dissolution. . . . keep reading

Discussion Forum Follow-Up: Is HOA Dissolution or Receivership the Answer?
September 2011
A reader writes, "The association has 1,539 homes. The development is 25 years old. The bylaws and covenants have not been updated since 1987. The developer left in 1999. There are warring factions--ones that want the HOA but don't want the $35 a month dues to go up, and the other faction that wants the HOA to dissolve. . . . keep reading

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Recent Forum Posts

· Proper Use of Capital Reserve Fund

· Are highrise Texas Condominiums HOA's included

· Reserve Investment on Tax Filing Status

· Foreclosure and bankruptcy....

· COVENANTS COVER WHAT D&O INSURANCE COVERS

· California Arbitration

· New Board Coincides with Fiscal Year?

· Results from NOT following the rules

· Nominating Committe Chair is President of HOA

· election manipulation laws

· Fees for amenity that dues cover?

· Committee Charter Template

· Declarant Resigned from the Association

· Reimburse Volunteers for material purchased

· Board of Directors Meetings

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