When it comes to finances, homeowners’ associations (HOA) operate like any other corporation or business. HOAs have different accounts set up to pay for different things. A checking account to pay for everyday expenses, and separate savings and investment accounts set aside for future repairs and improvements. While appropriately funded spending and savings accounts are crucial to a well-run association, the savings part of the equation can often get ignored. Some studies estimate that nearly 70% of HOAs in the United States are underfunded and lack the proper savings to pay for major projects or repairs.
“The information and training materials on this website are supplied by the author and have not been edited by us. We have provided these materials as a central resource for our users, but we encourage you to carefully evaluate their relevance and accuracy for your own purposes. Please note that the views and opinions expressed in these materials do not necessarily reflect those of our organization, and we cannot be held responsible for any errors or omissions they may contain. It is your responsibility to verify the accuracy and appropriateness of these materials before using them. Proper attribution to the original authors is always required when using these materials, and you should also follow any applicable copyright or licensing requirements.”