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7. BE TRANSPARENT
WITH THE USE
OF COMMUNITY
FUNDS.
Homeowners fund association operations through
regular fees and assessments. When residents
don't know where their money is going, it can cause
suspicion or uncertainty in the board's intentions.
Board members can avoid this by being transparent
about the association's budget, expenses, and how
funds are used. Some ways to do this include:
• Proactively sharing financial reports and summaries
• Publishing annual reports, including reserve fund
contributions
• Scheduling financial audits for external validation
• Addressing questions and concerns during HOA
meetings
Being open and honest about how association funds
are spent helps residents understand how their
contributions support the community and their lifestyle.
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