Understanding an Association's Reserve Fund

Understanding an Association's Reserve Fund

One of the most important responsibilities of any HOA or CA board is to properly allocate its community association’s funds. HOA members pay monthly or annual fees to enjoy the perks of living in a community association, and they expect their board to use that money in a way that will benefit the entire association.

But when costs for security, landscaping, and maintenance issues start popping up, it can be difficult to know how best to allocate funds to address these different types of expenses. And using money incorrectly can not only causes rifts within your HOA or CA, but can also cause legal repercussions as well. Having a robust reserve fund can be a huge asset for your community association if you understand what it is and what that fund can lawfully be used for.

How to Handle Disruptive Residents

How to Handle Disruptive Residents

The Board of Trustees are tasked with a great responsibility. Not only do they have the power to create a well-run and highly-functional Association, they also have the ability to create an enjoyable community for every resident to live in. Upholding all of the Association’s rules helps create this safe and fair space for everyone, but certain residents tend to break the rules from time to time. This is okay on occasion, but when one minor broken rule turns into a string of bad behavior, the Board of Trustees — and management company, if applicable — must get involved. Here’s what you can do to effectively deal with disruptive residents and keep your Association running smoothly. 

How to Avoid Liability Issues in Your HOA

How to Avoid Liability Issues in Your HOA

“You are liable.” Just the phrase may conjure up chills. It’s one that no Association board member ever wants to hear when it comes to an accident. Although serving on a board is a highly rewarding job and a chance to serve the community in a meaningful way, the idea of having to deal with legal issues might be daunting. 

In any community, especially one with amenities and common areas, accidents are bound to happen. So the question is: what are the Board of Trustees typically liable for? In most cases, such as a slip-and-fall near the pool, board members typically aren’t personally liable. Still, it’s important to remain as cautious and aware as possible in order to rid yourself of any liability risks. Here’s what you can do to stay safe (while keeping your community safe):

HOA Management Companies and Their Contracts

HOA Management Companies and Their Contracts

When it comes to the operations of an HOA, there’s much that has to be done on a daily basis. Oftentimes, an HOA board may opt to hire a property management company to assist with these day-to-day tasks, such as collecting dues and paying invoices. In addition, management companies can also take on financials, maintenance and contractors, creation of an annual budget, and more, which takes a lot of weight off the shoulders of the board members.

HOA Myths and How To Debunk Them

HOA Myths and How To Debunk Them

There are many reasons why potential homebuyers choose to reside in an HOA. From high standards of appearance, to maintenance carried out by the association and other amenities, HOA residents receive several incredible benefits that translate to a rewarding way of living. Still, common myths and misconceptions about how HOAs are run oftentimes taint a resident’s view of their board members. 

Building Community in Your HOA

Building Community in Your HOA

Community living is the pinnacle of comfort and warmth for many people. With uniformity, amenities, and a neighborhood of likeminded peers, residing in an HOA provides you with all the building blocks needed for a top-notch, high-quality lifestyle. When board members take care of their residents by drawing up concrete rules, enforcing those rules fairly, and using their leadership position as a way to improve lives, residents certainly feel all of the positive effects of their efforts.  

Common Mistakes of HOA Board Members

Common Mistakes of HOA Board Members

When it comes to keeping the residents of an HOA happy, it’s up to the board members to uphold its delegated responsibilities and treat everyone with respect. Failing to do so can lead to internal problems and may end up causing legal issues. In order to keep an HOA running smoothly, residents must trust that their board members have their best interests at heart at all times.