If you live in a homeowners association, then you are familiar with the term “HOA Accounting”. Every association needs to keep track of their expenses, or at least hire someone to keep track of it all. Clark Simson Miller is one of the most professional and trusted community association accounting companies. You can read more about hoa accounting here: http://www.clarksimsonmiller.com/hoa-accounting/
With warmer weather beginning to appear with the changing season, it’s a great time to get out and do more activities in the beautiful weather. A good idea for rental property management is to organize events to get neighbors involved with one another, such as with a community planting day! Here are few ways to start getting tenants involved with a community floral display.
Leave out a sheet for everyone to see and sign up on. This will give you an idea of who is going to participate, who can donate what materials, and when people have time to contribute to the project. This is also great for keeping you and everyone else organized.
Include professional opinion
You want to be sure the greenery and flowers your community is using will be good together and are right for the area, season, and amount of maintenance needed. The worst scenario would be starting this project and realizing that you’re using the wrong methods, fertilizer or plants for the circumstances.
How do you avoid this? Rental management should contact the local nursery you trust, or even a landscaping company or hardware store. Speaking with a professional will ensure your project is a success. Ask them about what you’re planning and get suggestions. Also inquire about whether the flowers will need to be removed after season or if they can remain year-round.
Create a shopping list
Make this public and let people make suggestions, but have a designated person to manage the list. This should include items like:
- fertilizer or compost
- gloves and shovels
- water hoses
- trash bags
Divy out roles
You can get more done and let everyone play a part by organizing into teams. Have a team to be responsible for picking up the supplies, using a few vehicles if there are a lot, a team to get the soil ready for plating by loosening it up, and a team to watch over and assist kids or those new to gardening during the planting.
Brought to you by: Rental Choice
It’s required by law for HOA’s to keep reserve funds separate from operation funds. In some cases, this can be required more frequently or in larger scope. Associations must also perform quarterly financial reviews and prepare and send out a financial and budget report annually. More associations are using Accounting Software for Community Associations to handle these funds.
Reserve and operating funds
The operating budget of the HOA is normally covered by regular assessment dues, which are recurring payments periodically set by the homeowner association and that must be enough to cover the operating budget. Same as the operating budget guidelines, it’s normally legal for an HOA board to set the association dues without having the owners vote on them unless they are non-emergency increases of 20% or more.
It’s important to keep in mind that reserve funds are limited to use for maintenance, repair, replacements, or restorations on property that HOA is required to upkeep or is related to litigation that involves the items being repaired or replaced. The reserve funds can sometimes be used for operating expenses if they are returned within one year.
It should also be noted that homeowner associations receiving over $100 in income from places other than from owner fees and assessments must pay state and federal income tax, and only if the income totals the $100 after the offset of the expenses made from generating it. For more associations, interest on funds is the only non-assessment related income they have. Most associations avoid the income tax requirement on this income by carrying forward the income that’s potentially taxable to next year’s budget.
These and other accounting tasks are the responsibility of the HOA; however, the association may authorize a professional or committee to manage the responsibilities as long as the association board has the final authority over the procedures. Accounting Software for HOA management may also be used to manage the financial responsibilities of the association and make handling finances less of a hassle.
Brought to you by: Condo Manager
Winter is the time of year power outages can be most common from storms, drifts, and floods. You want to make sure you’re prepared for any of these events so they don’t sneak up on you and cause harm to anyone or damage to property. Here are a few things to keep in mind so you’re ready for when outages happen. These are good tips for Property Management company like Rental Choice to give to residents for emergency preparedness.
Be Conscious of Perishable Food
Depending on the length of the outage, you may need to discard perishable foods in your fridge. If the outage is over two hours, be sure to consume or throw out any food that will go bad.
Have an Emergency Kit
You can easily make your own emergency kit, which should include items such as a water purifier, thermal blanket, and flashlight. Keep the kit in a bag that is easy to carry, like a backpack. You can also buy any size emergency kit from the American Red Cross, and their website contains a full list of suggested emergency items.
Remember Prescription Medications
Many people forget about their prescriptions during an outage, but if the outage lasts for over a day it’s important to have some on hand. A pharmacy trip will probably not be an option until the outage is resolved.
Include Activities for the Kids
You’ll want something to preoccupy any children, so pack a few board games or other distractions that are fun for them.
Other Important Items
Other items to remember are a water-purifier, a generator, and gas to fuel both of those.
If you are in Rental Management, it’s important to keep these tips in mind to protect yourself and your residents.