How much does your HOA board know about the community associations industry? Learn some basic facts and numbers, and what they mean for the members of your HOA board and Association community.
U.S National Data 2019:
- 73.9 - population in community association (in millions)
- 351,000 - number of community associations
- 7.19 - value of homes in community associations (in trillions of dollars)
- 26% - population residing in community associations
- 30–40 - percentage of community associations that are self-managed, meaning they may use professional assistance for specific projects, activities, and services, but do not employ a professional manager or management company.
[Source: Community Associations Institute]
These numbers tell an HOA board that it’s not alone when it comes to overseeing the day-to-day functions of the Association. There are board members all over the United States who have the same obligations to meet and issues that arise. The question HOA board members need to answer is:
Do you know the obligations you have to meet and where to find resources to help you resolve issues?
- Did you know that a reserve study is required every 3 years, and a reserve update every year?
- Did you know that if an issue is not on the agenda of an HOA board meeting, it cannot be discussed at that meeting?
- Did you know there is an annual disclosures checklist that should be completed each year?
- Did you know the CC&Rs can be overruled by the law?
- Did you know your Board should carry director’s and officer’s insurance
- Did you know members must be given notice of an annual meeting no less than 10 but no more than 90 days before the date of the meeting?
These are just a snapshot of the many requirements and responsibilities of an HOA board. The fact is, managing a homeowners associations can be overwhelming and time-consuming for volunteer board members. If your Board needs education or feels at a loss of how to meet the needs for your homeowners association, learn about the possibility of hiring an HOA management company to help.