The end of the year is approaching, which not only means wrapping presents but wrapping up your year. For some, a new year also marks a new financial year for your Homeowner’s Association. So if you’re a part of your neighborhood HOA, you may be feeling overwhelmed. Don’t worry though, we will help you figure out what needs to be discussed at your next board meeting.
Final Business: If your nonprofit HOA has any outstanding transactions, be sure to take care of those as soon as possible. Make sure your reserve study is updated. You will also need to finish up your financial reports so they can be disclosed to homeowners. If you’re a MoneyMinder user, we make it easy for HOAs to complete bank reconciliations, reports, tax forms and more when the year ends.
Schedule an Audit: Nobody wants to be falsely accused, and having a good paper trail backed up by an annual audit can help prevent just that. Be sure to make yourself available during the audit to answer any questions the auditor may have.
Year In Review: This is a good time to review your organization as a whole. Is the board functioning properly? For some HOAs, this might also be the time you elect a new board, adding even more fun to the year-end mix.
Prep For Next Year: It’s important to have a financial plan for next year. What major projects do you expect to take on this year? Finalize the budget for these projects. Create a tentative calendar of project timelines. You should also schedule next year’s social events.
Wrapping up your financial year correctly will help your HOA board feel confident about the year to come. Our blog has other great resources such as How to Plan An Effective HOA Board Meeting, HOA Transitions and more.
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Connect your Bank, Square and PayPal accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.