The end of the year always comes up fast! But before we enter that confusing period where we all struggle to not write the old year on everything, we have a few things to finish up first. Not to worry! In this post we’re sharing some tips to help you have a successful HOA end-of-year and get your HOA started on the right foot for the new year too.
One of the most important tasks on your HOA duty checklist is sending out annual disclosures. This includes sending out notices to all homeowners reminding them of important dates and events, as well as updating them on any changes to the community such as changes to the rules and regulations. It’s a good idea to also include a financial statement so homeowners can see how their dues were spent. Make sure to send out these disclosures as early as possible in order to give homeowners enough time to prepare.
To create a financial statement for the past year, you will need to gather information from your community’s bank statements, budget, and reserve study. From this information, you will be able to create a summary of your community’s finances for the year. This report can be used to help make decisions about the future of your community.
Rules and Regulations
Update your community’s rules and regulations if necessary. This is a crucial task that should be done annually in order to ensure that all homeowners are aware of the community’s guidelines. You may need to hold a meeting or send out a survey to get feedback from homeowners on any changes they would like to see.
Your HOA duty checklist should also include a plan for reserves. This is money that is set aside to cover unexpected repairs or maintenance costs. It’s important to make sure that your community has enough money saved up to cover these expenses, and that the funds are allocated in a way that makes sense for your community. You may want to consider setting up a separate account specifically for reserves, or allocating a certain percentage of your budget to this fund.
Reserve studies are important to figure out just how much of the reserves are leftover from the year to use for HOA expenses. It’s good to review the study to ensure that it is still up-to-date. After you make any necessary revisions based on changes in your community, update your community’s budget accordingly.
Another important task on your HOA duty checklist is finalizing major projects. This includes making decisions about projects that need to be completed in the coming year, as well as allocating funds for these projects. You’ll also need to create a timeline for completing these projects and make sure that everyone involved is aware of their responsibilities.
One of the best ways to get these projects completed on time and within budget is to recruit volunteers to help out. This can be anything from a committee of homeowners who are responsible for overseeing the project, to a group of volunteers who are willing to help with the actual labor. Be sure to advertise volunteer opportunities well in advance, and make sure that everyone involved knows what is expected of them.
Homeowners Associations typically do not need to hire a property management company. However, some larger communities or those with more complex regulations may find it helpful to have an outside professional help manage the day-to-day operations. If you feel like your HOA is struggling to keep up, it may be time to consider hiring a property management company. One such company is AMC Inc. (Association Management Concepts). We’re here to create community, streamline processes, and take stress off your plate. Contact us today!
Community New Year’s Gathering
One of the best ways to wrap up the year is to host a community-wide New Year’s social gathering! This is a great opportunity for homeowners to get together and catch up on all the latest news. It’s also a great opportunity to celebrate all of the successes that your community has had over the past year. Be sure to send out invitations early so that everyone has a chance to RSVP. You may also want to consider setting up a potluck dinner so that everyone can contribute something. And don’t forget the champagne toast to ring in the new year!
Budgets are a necessary evil right? They help us keep on track with our personal finances, business finances and even trying to save up for that dream vacation! And there assistance to an HOA is no different. It’s best to include creating a budget for the next year in your checklist. Some steps to help make your budget include:
- Make sure to include that all of the necessary funds are allocated for major projects.
- Verify budgeted expenses against bank statements.
- Make sure that all payments are accounted for and that no funds have been overspent.
- Adjust the budget as necessary to reflect any changes.
If your community’s assessments have not been increased in a few years, it may be time to consider doing so. This will help to ensure that your community has the funds necessary to cover all of its expenses. You’ll also need to evaluate whether the current assessment amount is fair and reasonable for the homeowners in your community. If you decide to increase assessments, be sure to send out notices well in advance so that everyone has a chance to prepare.
An important item on your HOA new year checklist should be to schedule board elections for the next year. This is an important process that ensures that your community has the best possible leadership in place to make decisions about the future of your community. Be sure to advertise board elections well in advance, and make sure that everyone involved knows what is expected of them.
New Year Calendar
You will also need to create a calendar for the next year. This will help you stay organized and ensure that all of the necessary tasks are completed on time. Make sure to include important dates such as board elections, major project deadlines, training sessions, and reserve fund contributions. Add any other important dates that you think are necessary, and be sure to update the calendar as needed.
One of the most important things you can do as an HOA is to make sure that everyone involved is aware of their responsibilities. This includes both homeowners and board members. Be sure to provide training for new homeowners, and offer refresher courses for those who have been on the board for a while. You may also want to consider hosting training sessions for specific committees, such as the finance or maintenance committees. Training can be anything from a one-time event to a series of workshops that are offered throughout the year. It’s important to tailor the training to fit the needs of your community. If you’re not sure what type of training would be best for your community, be sure to ask your board members and homeowners for feedback.
Another important thing to compile is a plan for goals for the next year. This should include your goals for the community, as well as a timeline for achieving them. Make sure that everyone involved is aware of the plan and has a copy. Update the plan as needed, and be sure to track your progress along the way. It’s important to revisit your past goals and make sure that they are still relevant for your community. If they are no longer relevant, or if new goals have arisen, be sure to update your plan accordingly.
The Bottom Line
The end of the year is exciting! It’s a time to celebrate the year before and look forward to the year to come and all of its possibilities. However we have to work before we can play, that’s where the end-of-year checklist comes in. Hopefully the tips and tricks included above will help you stay on task and finish up the checklist in no time! Done right it will tie up any loose ends of the current year and set your HOA up for success for the next year. Then you can get to the important things, like celebrating!
Happy New Year everyone!