There’s a lot for homeowner’s association board members to keep track of and manage. It can be easy for things to fall through the cracks, so be sure to check out this HOA yearly checklist and budget checklist to keep up with all of the necessary tasks and stay on track.
HOA Yearly Checklist
- Governing documents
- All copies (physical and digital) updated
- Upload to HOA website
- Files recorded with local jurisdiction to ensure they are legally binding and enforceable
- Annual Report
- Create and review annual report
- All members receive annual report
- Copy and store the annual report digitally and physically for records
- Audit
- Collect all financial statements
- Allow whoever is filing taxes access to statements and HOA records
- Approve audit report
- Copy and store audit documents digitally and physically for records
- Taxes
- Schedule tax preparation
- Consult tax professional
- File tax returns before the deadline
- Budget and dues
- Prepare budget
- Calculate monthly dues for homeowners
- Insurance
- Review current policies
- Ask about increases in premiums
- Annual meeting
- Schedule and prepare for annual meeting and necessary tasks that need to be covered
- Scheduling and planning
- Schedule board meetings, committee meetings, special events, etc.
- Plan for construction and renovation projects
HOA Budget Preparation Checklist
- Schedule budget approval date
- Current finances
- Review the most recent HOA budget
- Analyze report to see what’s working well and where you may be falling short
- Set goals
- Outline budgetary goals and discuss how to meet those goals
- Estimate expenses
- Write out yearly HOA expenses
- Tally the average monthly cost for each expense and the total projected expenses
- Estimate revenue
- Write out revenue sources
- Tally the average monthly revenue from each source and the total projected revenue
- Finalize
- Input everything into a spreadsheet
- Finalize and approve the budget
Planning ahead is the key to running a successful homeowners association. Following this HOA yearly checklist and budget checklist is but one of the ways to stay on track. If your community needs more tips or help managing an HOA, contact Prism Realty Management. Give us a call at 512-676-5842 — we’d be happy to talk to you about who we are, the services we offer, and our process.
