While your HOA's tax filing date may be months away, it's important to start
planning today.
Audit & Tax Plans
• Make a note of next year's corporate tax filing dates.
• Reach out to your association's CPA and schedule time in February to complete
your taxes.
• Complete an annual audit of the association's financial records.
It's imperative to review and replenish your HOA's reserves each year.
Reserve Funds & Studies
• Evaluate your reserve account to confirm sufficient funds are set aside.
• Ideally, maintain a 20% reserve fund to cover unforeseen expensive repairs.
• At the minimum, maintain sufficient funds to cover the deductibles on HOA
insurance policies.
• Check your association rules and state laws to ensure reserve studies are completed
within the proper time frame.
• Schedule a reserve study if the last one was performed more than three years ago.
While state laws will dictate how often a study should occur, best practice is
three years.
