Managing an HOA is a complicated task. It includes various duties, from maintaining the amenities and facilities to handling the finances to ensuring that every homeowner obeys the rules.
To run an HOA smoothly, the board must create a plan at the starting of the year. This plan may include the budget, the community’s goals, audits, etc. Without a plan, one can easily forget essential items. If your HOA board is struggling to create a plan, hiring Gilbert HOA management companies can reduce your burden.
Keep reading to find out which items an HOA checklist must involve.
Checking all government and legal documents
All government records and documents must be up-to-date, in hard copies, in soft copies, and on the website if it exists. This step involves checking that all things mentioned below are reviewed.
- Auditing: Financial statements must be created, checked, and submitted to the legal bodies in time, depending on the regulations imposed upon the HOA.
- Taxes: The HOA should pay the taxes on time and check if anything is left out. If anything is left, the board must pay it with immediate effect and the liable fine, and a note to the members must be shared explaining the reason for the delay.
- Following year budgets: Keeping in mind the previous year’s budget, you can outline a draft with the tentative expenses and the total approximate budget that the HOA board must lay out. A budget helps to streamline things and have an idea of the sums that need to be arranged.
- Meetings: The three that form an essential part of the HOA system are the board meetings, committee meetings, and annual meetings. The board must notify all the concerned members about the meeting beforehand.
- Establishment, renovation, or building: Any new establishment that needs to stand or anything that needs to be renovated must be checked through quality checks along with the durability period. Quality check schedules can be drafted to make them possible in regular intervals in the following year.
- Events & Elections: Any upcoming events and elections must be included in the checklist to plan and execute the event smoothly. All the concerned members are aware of its occurrence well ahead of time.
- Recruitment of new members: The board should give the candidates enough time to prepare and be educated about their roles and duties to run their campaigns successfully and check if they fit the position to stand for the elections.