Tag: HOA

Managing an HOA’s finances is a big job. The job only gets bigger, too, with HOA boards managing more funds on average than ever before, according to a study by IBIS World: With that said, it’s also a job that’s easy to get wrong, potentially leading to legal repercussions and a whole lot of trouble.…

Key Takeaways: Proper HOA reserve fund accounting requires tracking contributions, expenditures, and percent funded against reserve study projections Reserve funds must be kept in separate accounts from operating funds to maintain IRS compliance and prevent misuse Most states recommend HOAs maintain 70-100% reserve funding to avoid costly special assessments Reserve studies should be updated every…