Finances
Does Your HOA File a Federal Tax Return?
If you are a volunteer leader for a small, self-managed community, there is a good chance that your HOA does not utilize the services of a CPA on a regular basis. As a result, you may be wondering… “hmmm… I don’t think our community filed a tax return last year. Do I really need to do this?” The answer, according to the federal government, is “yes”.
Read Full Post | Make a Comment ( 3 so far )How to Gain Community Support for a Reserve Fund
Your association’s reserve study is complete. You have identified the useful life, replacement costs and any significant repair costs for each common component owned by your community. Now what?
Read Full Post | Make a Comment ( 2 so far )Reserve Plan Basics for the Small Self-Managed HOA
Homeowners’ associations should give serious consideration to whether or not their community needs to build a reserve fund. Reserve funds are also commonly referred to as replacement funds. Replacement fund might be a more appropriate term as often these costly expenditures come at the end of a common element’s expected lifespan. The reserve/replacement fund is [...]
Read Full Post | Make a Comment ( 2 so far )Lack of Reserves – a serious situation facing many small Washington Homeowners Associations
Many urban areas in Washington State boomed with small housing developments from the 1980′s through 2007. These ”young” communities are just beginning to discover hidden costs and unexpected expenses. The housing boom, was sustained by many first time home buyers who likely did not fully understand the concepts behind a “planned development”. One only needs to check their [...]
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