|The best-run HOAs have boards that are smart with money. Those boards manage their owners’ money with care, and when they have unplanned projects that require additional funding, they’re equally methodical and thoughtful.
What do those boards do that’s so smart? They explore every funding option, starting with well-known ideas like drawing on reserves, taking out a loan, or passing a special assessment. Then they unearth funding options that few HOA board members know about, like contractor funding and government grants. They know the factors to consider when weighing each option and how to present each choice in a way that allows owners to also make educated decisions if they’re involved in the decision making. If they run into roadblocks in funding HOA projects, they regroup and try again because they understand their fiduciary duty to operate in the best interest of the HOA, even if the members are reluctant to dig into their pockets for necessary funding. Finally, they have a pulse on their reserves so it’s always available for that rainy day, even if the HOA has just emerged from a financial storm.
In this special report, you’ll discover tips and guidance on funding options from HOAleader.com’s expert contributors—professionals who’ve devoted their careers to serving and advising homeowners associations. Governing documents and state laws vary, but this information will help you understand how your association can meet all of its financial needs—and thrive.
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|Table of Contents|
|HOA Finances: 8 Options for Funding Expensive Projects||1|
|HOA Funding Options: Is It Time for a Special Assessment?
4 Factors to Consider
|Helping Owners Fund a Special Assessment||7|
|HOA Communications: Tips for “Selling” a Special Assessment||11|
|HOA Special Assessment Didn’t Pass? 4 Tactics to Consider||15|
|Homeowners Association Funding Options: 7-Point Checklist When Considering Using Your HOA’s Reserves||18|
|HOA Reserve Studies: What You Need to Know||22|
|Four Tips for HOA Reserve Studies: When and How to Do a Reserve Study Right||25|
|HOA Finances: Tips for Handling Your Reserve Account||27|
|HOA Reserve Funds: The Pros and Cons of Underfunding Reserves||30|
|HOA Funding Options: Should Your Homeowners Association Take Out a Loan? 6 Factors to Consider||33|
|HOA Financial Matters: Lean Times May Call for Loans||36|