While nearly all homeowners associations have some type of policies on the books, many HOA boards have little or no idea what type of insurance they have or need. This can potentially lead to expensive litigation and claims that can cost your association thousands, and sometimes even millions of dollars.
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So, your homeowners association is contemplating doing a reserve fund study. Perhaps you are a new HOA and need to establish and start funding the reserves; or, you are an older HOA that has had a reserve for years, but it is time to update it. How many years should your HOA reserve study cover?
Well, it depends. HOA communities vary in size, age and the number and dollar value of the capital assets they own. They choose different maintenance strategies for short-lived and longer-lived capital assets. Let’s explore some of these issues.
When you hear the word “meeting” do you want to run in the other direction? We’ve all been in meetings that drag on and on, feel like a waste of time because nothing gets accomplished, or are outright exhausting because board members spend the time arguing with each other. What if you had a few tricks up your sleeve to make HOA board members actually look forward to meetings? Okay, at least not dread going to Association meetings? Here’s what you need to do.
What makes an average HOA board amazing and a good HOA board great? It can be summarized in one word: education. An educated board with committed members is the makings of a successfully run homeowners association. Add to the mix an invested property manager and you have a stellar combination.
You serve on your homeowners association’s board of directors. You work hard preparing for and attending meetings and listening to the homeowners that elected you. And you do all this on your own time.
Despite your best efforts, your HOA board may be putting itself in legal jeopardy. Specifically, do you and your board know and understand what is required for annual disclosures?
How will you be celebrating the 4th of July? If you’re traveling to visit friends and family or taking a vacation, Bon Voyage! If you’re sticking close to home and celebrating with barbecues, bathing suits, and bright fireworks in your homeowners association, there are some important things to consider. If you’re an HOA board member, remind residents of the following information.
Every HOA's number one priority is the legal fiduciary responsibility to enhance and maintain their property. The only way to do that is by collecting HOA fees. That's why a clear collection policy is a must-have for your HOA board.
Sounds like fun, right? Maybe not. However, it's important to communicate a detailed collection plan for HOA fees. By managing homeowner expectations about fees and the need for timely payment, you can help your board (and especially your treasurer) meet their goals and reduce the need for costly fee collection.
You and your neighbors who have volunteered and been elected to serve on the HOA board are responsible for making critical decisions on the Association's behalf about managing the community and Association funds.
You've tossed your hat into the ring to become an HOA board member for your association. The ballots have been counted and you've been selected. But, what are the responsibilities of a new board member to their community? You owe a duty of good faith and fidelity to the homeowners association.
People and organizations are often afraid of evaluation because they’re afraid of failure. If we don’t fail we can’t learn, and if we aren’t given the opportunity to learn, we can’t grow. It’s in the best interest of the association for the HOA board to take the time to intentionally evaluate the HOA manager, ask questions, give honest feedback, and decide how the relationship can improve or if it’s time to part ways. Below are questions to help guide the evaluation process.
