Create New Year's Resolutions
for Your HOA
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At the end of the year, your board has likely learned from the experiences of the past months.
Resolve to set your community association up for success in the new year and beyond by
completing some necessary to-dos. Here are five New Year's resolutions
to consider:
1. Complete an annual audit of the association's financial records.
An audit traces transactions to any supporting documents and authorizations, reviews
the association's minutes and legal documents, and points out weaknesses in accounting
procedures.
2. Develop a management plan.
This plan should include the tasks for the management team and goals for the new year.
A typical management plan includes rules enforcement, property maintenance, finances,
and more.
3. Create an association calendar.
An association calendar offers a road map for the board to control operations and
manage deadlines. Make sure to highlight meetings, critical events and activities,
holidays, and compliance and renewal dates.
4. Ensure your community is prepared for any emergency.
Unfortunately, most communities don't have an emergency plan in place for residents.
Take the time to plan and create a unique emergency management plan to keep everyone
safe when disaster strikes.
5. Revisit your governing documents.
Confirm the rules and restrictions in your governing documents continue to be relevant.
Work with residents to review existing rules, identify areas that may need adjustment, and
examine processes to amend regulations that don't hold value for your association.
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