CONSIDER
DELINQUENCIES
HOA fees and assessments provide the monies
to carry out the community's responsibilities, and
unpaid assessments can't be ignored. Letting
even a couple of delinquencies slide by can
disrupt the association's entire budget and lead to
potential legal trouble. Keep a record of delinquent
accounts, employ strict collection policies,
and address delinquent assessments swiftly.
Recognizing delinquency patterns and budgeting
for defaults can preserve financial stability.
SHARE THE BUDGET
WITH HOMEOWNERS
Communication, openness, and proper
documentation are the basics of a strong
relationship between an HOA board and residents.
Because homeowners trust board members to
manage community funds, it's vital to be open
and honest about the budget and its effects.
Association members have the right to know how
their money is being used and give input, and
board members should develop a concise budget
report, use multiple communication channels to
share the budget, and host meetings to discuss
the budget to demonstrate good stewardship and
promote harmony.
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