Homeowners who join a board of directors should be applauded for trying to help their community. However, with the role comes a lot of responsibilities and duties that can make the obligation feel overwhelming.
HOA have statutory financial and tax reporting requirements, and this will require excellent bookkeeping to maintain those obligations.
Our HOA bookkeeping services team will record the HOA income and expenses. In addition, the team will reconcile bank accounts to insure that HOA balances are accurate.
Track Owners payments of HOA dues and payments plans. It is important for the homeowner association that communities accurately track homeowner payments or payment plan arrangement to insure that the community has the revenues to meet the obligations and responsibilities of the HOA.
Our HOA bookkeeping services team will Insure that association bills are paid on a timely basis to vendors, insurance, and utility provider.
HOA boards are required to provide reporting to the members of the community
HOA boards should be able to provide Balance Sheet and Income Statement. In addition, more sophisticated communities will need to compare budgets versus actual results to insure that the community is managing the funds in a appropriate manner.
Homeowner will need accounting of their payments and charges. The maintenance of the homeowner's HOA ledger is critical if the homeowner is in arrears and the file is sent to collections with the association's attorney.
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Homeowner Association's should file 1099 for their vendors, and failure to file with the IRS has penalties. Additionally, vendors who did not receive their 1099 will follow up with community for these documents, and it can be a drain on time for a HOA board to handle these kinds of compliance related matters. Our HOA bookkeeping services team will handle these compliance related matters.
HOA have state and local tax filing compliance is required for a HOA to maintain its legal standing and do business in a state.
Homeowner Association require federal filing every year per the law. Our property management team can coordinate the delivery of the statements to the appropriate tax advisor or our team can prepare the filing for the homeowner association community.
Association have responsibilities to their communities
HOA's are required to keep copy of important documents for appropriate period of time. As boards change, these documents become lost or require the HOA incur storage cost. With our firm, we can help minimize those cost as we scan and keep digital copies of tax returns, invoices, etc.
Homeowners at the closing a new unit or home in a community be given a statement of the prior owners balances to insure that they are not in arrears. In addition, the title company is supposed to be sent the HOA governing documents. We ccan help coordinate and handle this service.
HOA entities are required to have a registered agent to receive legal notices in a community. If board select a home owner, as they move on from the position or leave the community, the important legal notices may not be delivered. Our property management team can receive these notices to forward to the board.
Our HOA Bookkeeping Services Fees and Scope are quoted after the HOA requirements are discussed.