At the start of every year, the HOA board needs to get together and make sure they are ready and well-organized for the year ahead.
For the most part, his means taking care of daunting financial and legal obligations, including:
- Annual audit (led by a CPA)
- Taxation (Form 1120-H)
- Insurance coverage
- Review of governing documents
- Creation of an annual report
This is the nitty-gritty side of HOA management that can easily be overlooked due to its intimidating nature, but is incredibly important to address, especially at the start of each year when due dates for certain legal obligations begin to creep up.
Completing these tasks almost certainly requires external assistance from a CPA, lawyer and insurance expert, which makes the process more ardous and dependant on good communication between the various parties.
In order to address this challenge of communication, this checklist has been built with approval tasks at various stages that need to be approved by both the HOA board representative (e.g. President, Treasurer), and the vendor assisting the HOA.
This ensures everyone is in agreement that tasks have been completed before moving on to the next stage of the process.
By completing this HOA Annual Board Organization Checklist at the start of each year, your HOA will feel fully confident that your community is well-prepared and looking forward to an exciting year ahead.
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The point is to minimize human error, increase accountability, and provide employees with all of the tools and information necessary to complete their tasks as effectively as possible.