It’s important for your HOA to end the year on a high note—and that means wrapping up all the fiscal, legal, and administrative tasks that are outstanding. This can be a lot to consider, so we’ve put together this checklist to help.
End-of-the-Year Questions for Your HOA Board
- Did your HOA Board send out the required annual disclosures? Make sure you understand which disclosures your HOA needs to make each year—because doing so is required by law!
- Did you update your reserve study? Working with your HOA manager or a reserve study specialist, make sure you have your numbers updated for the coming year. If you’re concerned that the reserve is insufficient, start the conversation now about special assessments.
- Did you finalize any major projects? Knowing which big renovation projects you’ll tackle in the coming year—and roughly how much they will cost—is vital for laying out your new budget. Speaking of which…
- Did you finalize next year’s budget? Don’t wait until the last minute to erect the proper financial goalposts for the coming year.
- Have you reviewed your rules and regulations? It’s wise to look over your rules and regulations, discuss whether or not they’re working, and suggest any revisions to be considered in the coming year.
- Have you planned an end-of-the-year party or gathering? December is a busy month for everyone, but if possible, it’s always nice to have a neighborhood get-together—even if it’s a potluck event.
- Have you planned gatherings for the coming year? Alternatively, it’s wise to plan ahead for big block parties or social events you plan to hold in the spring and summer. Start the party planning—and the budgeting—sooner rather than later.
- Have you set officer elections for the next year? Is it time to elect new people to the Board? What do you need to do to prepare?
- What are your big goals for the coming years? Talk with the other Board members about the major objectives you’d like to check off your list.
- Is it time to hire an HOA manager? Finally, have a conversation about the merits of enlisting a professional management company. Maybe this is the year your HOA finally brings in a management pro!
End 2017 properly—and lay the foundation for a prosperous 2018. For more insights or tips, contact the Kuester Management Group today!