Running an HOA is complicated, multifaceted, and sometimes confusing, especially when it comes to finances. Even experienced HOA management boards can have trouble keeping things seamless, with numerous local laws stating what they can and cannot do, as well as ever-changing community demographics and the sheer quantity of numbers they have to tango with.

However, if your board is struggling for financial stability, things are serious. Your residents depend on you to steadily increase the quality of neighborhood life, and this becomes far more difficult without relatively steady cash flow.

Gassen is here to help! As providers of property management services, accounting property management, and more, we’ve assisted numerous HOAs in getting a hold of their finances.

Set an HOA Budget

Budgeting well is the number one thing your HOA can do to gain monetary control. A detailed plan, especially with the assistance of a property management services provider, will help your HOA see “money pits.”

It’s critical to identify investments that cost more than their tangible or intangible return, and where you need to step up your game.

Collect Dues Promptly

While a little wiggle room on the due date is okay, your board still depends on this money to care for the neighborhood. Consider online property management tools if residents are having trouble paying dues or are forgetting to pay on time.

Online property management tools make paying quick and easy, while remaining secure. Plus, you can easily send out reminders to residents who are running late.

View Your Finances Anytime

Utilizing an online portal, like the one Gassen provides, not only lets you see your residents’ dues payments, but also allows you to view your financial records anytime.

You can stay thoroughly up to date with regular financial reports, breakdowns, and statements when you need them.

Communicate With Residents Often

Along with viewing and managing your accounts, keep your communication lines open to your residents through your online portal.

Allow your residents to see how your board is allocating their dues, promote community-wide input, and keep everyone informed on financial goals and progress with virtual announcements and resident comment spaces.

Secure Loan Options for Capital Improvements

As your community plans improvement projects or decides to add new amenities, you may need help gathering enough funds to initiate the project. Don’t let raising the money for construction projects be a major problem.

Do it the smart way by working with a property management company, like Gassen’s HOA Capital division, that has extensive lending networks and can assist you in finding the best loan option for your needs.

Hire an Attorney

Though the law is complicated, the consequences of landing in legal hot water are harsh, especially monetarily.

If you’re ever unsure about the legality of something, contact an attorney, work with a professional management company, and do your research before making any major financial moves.

Contact the HOA Finance Experts at Gassen & Get Organized

Can’t see your way out of your current struggles? Reach out for a helping hand and give Gassen of Eden Prairie a call today at 952-922-5575.

With our genuine care and massive amount of experience, we’ll get your community back on track for good.