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4. BE OPEN AND
HONEST ABOUT
FINANCES
Paying dues is one of the most important
responsibilities of a homeowner. In return,
homeowners deserve to know where their money is
going. To maintain the trust of community members,
be transparent about finances. Disclosing the current
state of the community and sharing the work board
members are doing to improve HOA operations sets
the groundwork for cooperation.
HOA boards should be open and honest with
homeowners by:
• Setting a clear budget and explaining the decision-
making process
• Giving residents access to budgets, and income
and expense reports
• Keeping updated records and accurate HOA
inventory
Transparency helps ensure residents understand the
reasoning behind the board's financial decisions–
key in showing good stewardship to the community.
When homeowners know board members are serious
about their fiduciary duties, they're more likely to trust
their judgment.
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