Your HOA Checklist: What to Review Annually

As a board member in a homeowners association (HOA), condo association, or townhome association, it is important to review certain items annually. Doing so will help ensure the health and success of your community. Here are some items you should include in your HOA checklist that should be reviewed each year.

1. Financials and Budgets

It is important to review your HOA’s financials and budgets at least once per year. This will allow you to measure the financial performance of the organization compared to past years. It will also help you identify any potential issues or opportunities related to finances that can be addressed quickly and efficiently. Additionally, reviewing financials yearly can provide insight into how much money needs to be budgeted for upcoming projects or programs for the following year.

2. Rules and Regulations

Reviewing rules and regulations annually is key for maintaining order and consistency within your community. This includes familiarizing yourself with all local laws that apply to HOAs as well as any bylaws specific to your own organization. It is important to make sure all rules are up-to-date and relevant, because they may need to be changed or revised based on the current state of affairs in the area or neighborhood in which the HOA resides. Additionally, reviewing rules each year helps keep members informed about what’s expected of them when it comes to living in an HOA community.

3. Communication Strategies

It is also essential that communication strategies are reviewed each year since this is often one of the biggest struggles for HOAs! Making sure communication strategies are effective and efficient means regularly revisiting how messages are communicated (e.g., via email blasts, newsletters, etc.) as well as exploring new methods if necessary (e.g., social media platforms). Furthermore, having an organized system for storing communication records such as emails allows everyone involved with the HOA—board members, members of the public, etc.—to easily access information when needed without having to search endlessly through archives of emails and documents scattered across different sources.

Conclusion:

By focusing on these three key areas—financials & budgets; rules & regulations; communication strategies—at least once per year you can promote a healthy, successful HOA with ease! The more diligent you are about keeping up with these items now, the less difficult it will be down the road when it comes time for annual reviews or unexpected situations arise requiring immediate attention from board members like yourself. Plus, being proactive about these topics each year helps set a good example for other members of your community who may not have such an organized approach when it comes managing their own lives within an HOA environment!