IRS Form 1120 H vs. 1120: Choosing The Right Filing For Your HOA
When it comes to filing taxes for a community association, IRS Form 1120 H is usually the form that comes to mind. But not everyone knows what it is, when to use it, or how it compares to the regular corporate tax form. Filing taxes may not be the most exciting part of running an […]
HOA Income: The Top Sources Of Revenue For Associations
HOA income is critical to maintaining community finances. Whether it’s a homeowners association or a condo association, both need steady revenue to pay for maintenance, utilities, insurance, and reserves. Without a reliable income, boards will struggle to meet their obligations. Common Ways Associations Earn HOA Income Associations function in much the same way as […]
Can The HOA Earn Profits From Dues And Other Income Sources?
Can the HOA earn profits from the money it collects? It’s a question many homeowners and even board members ask. While everyone knows the association collects dues and other payments, there is less clarity about what happens when more money comes in than goes out. Can the HOA Earn Profits? At its core, a […]
HOA Debt Collection: What’s Legal And Frequently Asked Questions
One of the most challenging responsibilities that associations can face is HOA debt collection. In Virginia, both homeowners associations and condominium associations must follow strict laws when collecting unpaid fees. The Importance of HOA Debt Collection Debt collection in associations is not about punishing residents. It is about keeping the community running smoothly. Associations […]
HOA Reserve Funds: Requirements And Limitations In Virginia
Reserve funds play a crucial role in keeping homeowners associations financially healthy and prepared for the future. In Virginia, state laws outline specific requirements for how associations must handle these funds. Both board members and homeowners need to understand these rules. What are Reserve Funds? To understand reserve funds, it helps first to see […]
Is A HOA Reserve Study Required In Virginia?
A reserve study is a powerful tool that homeowners associations can use to ensure long-term financial health. Boards have a fiscal responsibility to their associations, and reserve studies play a significant role in fulfilling this responsibility. Yet, many remain unaware of the legal requirements involving reserve studies. What is a Reserve Study for Communities? […]
How Can HOA Insurance Protect Your Association?
Homeowners associations that wish to protect their finances should purchase HOA insurance. This vital coverage ensures the community continues to function smoothly in the event of a disaster or legal issue. Without it, a HOA would have to dip into its reserves, which would set the association back. What is HOA Insurance? Homeowners association […]