What Is Directors And Officers Insurance For HOAs?
What is directors and officers insurance? This is a question many board members ask. This type of insurance policy protects the board members themselves when claims arise from decisions they made. As volunteers, board members need a certain level of protection while serving the association. What is Directors and Officers Insurance? HOA directors and […]
How HOA Accounting Differs From HOA Bookkeeping
Running a community requires fundamental knowledge of HOA accounting. Board members must understand how accounting works, how it differs from bookkeeping, and what accounting encompasses as a whole. Even if an HOA seeks help from professionals, it pays for board members to have a basic grasp of how finances work. What is HOA Accounting? […]
HOA Directors And Officers Insurance: What Does It Protect?
Board members are often targeted for the unpopular decisions they make, but HOA directors and officers insurance can offer protection. When a homeowner sues the board, this policy can cover legal costs and potential damages, protecting the directors from personal liability. What is HOA Directors and Officers Insurance? Directors and officers insurance for HOA […]
HOA Reserve Studies In Maryland: Frequently Asked Questions
Association boards must invest in HOA reserve studies. These studies help the board determine how much it needs to collect from homeowners in reserve contributions. Yet, reserve studies can be confusing, especially to the untrained eye. What are HOA Reserve Studies? A reserve study is a long-term financial and physical planning report for an […]
How Housing Co-op Fees Are Set And What Homeowners Are Paying For
Co-op fees can be a source of confusion for many residents and board members. To avoid disputes, it is essential to understand what these fees are, what they pay for, and how they are calculated. It is also imperative to know that nonpayment of these fees can lead to unsavory consequences, including eviction or foreclosure. […]
HOA Special Assessments In Maryland: When Are They Necessary?
Every now and then, the need for a special assessment may arise for homeowners associations and condominiums. When that happens, board members must know how to proceed. There are certain rules and requirements to follow before levying special assessments. Plus, educating owners is integral to preventing pushback. What is a Special Assessment? A homeowners […]
What Is A Community Initiative Grant Program For?
A community initiative grant can help homeowners associations that are struggling financially. These grants are awarded to communities that meet the eligibility requirements. Board members must do their part by looking for available grants, researching qualifications, and putting together a convincing proposal. What is a Community Initiative Grant? Simply put, a community initiative grant […]
HOA Reserve Fund Requirements In Maryland
An HOA reserve fund is one of the most important tools for protecting community finances. It ensures that associations can cover major repairs and replacements without disrupting homeowners. In Maryland, both HOAs and condominiums face specific legal requirements for reserve funding. What is an HOA Reserve Fund? Simply put, HOA reserves are savings set […]
HOA Late Fees: Are They Lawful And Upto How Much Can Be Charged?
For homeowners who fall behind on association dues, HOA late fees are a common concern. These charges are meant to encourage timely payments and keep the community’s budget on track. The key question is how much an association can lawfully charge and what rules apply. Understanding the limits helps both boards and homeowners avoid disputes. […]
A Breakdown Of HOA Fees: What’s Included And What’s Not?
Homeowners associations charge regular HOA fees. These fees serve a critical purpose in the operations and maintenance of the community. Without these fees, HOAs would have no way of paying for essential services, upkeep, and other costs. What are HOA Fees? Also known as HOA dues or condo fees, HOA fees are regular assessments […]