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Since it is impossible to cover all of an HOA's transactions in an audit, a CPA selects a sample of transactions and scrutinizes details. For example, they can use a sample of outgoing transactions to verify invoices and make sure all the funds were spent as intended and properly documented. Also, an auditor can verify bank statements ...
Often, the HOA passes this ever-rising cost on to the homeowners in the form of higher monthly fees or larger one-time fees called special assessments. This jump in homeownership costs can have a ...
The HOA president is the CEO of the not-for-profit corporation, with all of the general powers and duties normally associated with that role. HOA Q&A: Can an Association president make decisions ...
Neighborhood associations are more likely to be formed in older, established neighborhoods, especially those that predate HOAs. HOAs are generally established at the time a residential neighborhood is built and sold. Sometimes older established neighborhoods form an HOA to help regulate rules and standards.
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement.
The HOA installed four solar-powered ALPR cameras to read license plates and capture images of vehicles going in and out of the two roads leading into the community.
A reserve study is a long-term capital budget planning tool which identifies the current status of the reserve fund and a stable and equitable funding plan to offset ongoing deterioration, resulting in sufficient funds when those anticipated major common area expenditures actually occur.
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