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As the year comes to a close, it’s the perfect time for HOA boards and community managers to reflect on accomplishments and review key aspects of their association. Evaluating financial, legal, and operational areas now sets the stage for a smoother, more successful year ahead. Here’s what your HOA should check before year-end:
1. Budget & Finances
Your HOA’s budget guides community operations throughout the year. Review all financial statements, expenses, reserve funds, and historical trends. Plan next year’s budget timeline, including homeowner input, board discussions, approvals, and notifications. Check for changes in utility, insurance, or vendor costs, and adjust spending or income as needed.
Need some ideas on what you should be budgeting for? Check out these 10 Things Your Homeowners Association Should Budget For.
2. Rules & Regulations
Annually review HOA rules and policies. Gather resident feedback to identify which rules are working and consider new regulations where needed. Publish updates before year-end and communicate changes clearly to residents, showing respect for their input.
3. Governing Documents
Governing documents define how your HOA operates. Review for outdated or unclear information, revise ambiguous language, and ensure all members can access current documents. Work with legal counsel for guidance on updates.
Learn More: A No-Nonsense Guide to HOA Governing Documents
4. Legislative Updates
HOA regulations and local laws are constantly evolving. Stay informed about new legislation and consult your attorney on how changes affect your community to maintain compliance and prevent future issues.
5. Insurance Policies
Insurance is often one of the largest HOA expenses. Schedule an annual review with your insurance agent to ensure coverage is sufficient. Explore additional coverage options if necessary to protect your community fully.
Read On: HOA Insurance & Why You Need It
6. Audit & Tax Planning
Plan ahead for tax season. Note corporate tax filing dates, schedule CPA meetings, and conduct an annual audit of financial records to ensure your HOA is prepared and compliant.
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7. Year-End Maintenance & Repairs
Inspect and maintain key areas to keep your community safe and attractive. Focus on:
- Exterior: Walls, foundations, paint, vents, windows, electrical supply boxes, roofs, gutters, pest control, decks
- Interior: Attics, roof leaks, indoor vents, walls, HVAC systems, plumbing, electrical, phone, gas lines
- Common Areas: Landscaping, gates, fences, security cameras
8. Emergency Action Plan
Review and improve your emergency plan for natural disasters or emergencies. Involve residents and experts, assess team response times, and ensure residents who need assistance are accounted for.
Learn More: How to Builda Scalable HOA Emergency Prepardness Plan
9. Goals for the New Year
Reflect on the past year’s successes and challenges. Gather resident feedback to set measurable, community-aligned goals for the upcoming year, such as:
- Boosting participation through digital communication
- Increasing neighborhood safety with training initiatives
- Modernizing operations with secure HOA software
- Enforcing CC&Rs proactively
Streamline HOA Management with TownSq
Using a tool like TownSq, your HOA can centralize communications, manage documents, and keep residents informed. Our unified platform simplifies board operations, committee collaboration, and resident engagement—helping your community start the new year on the right foot. Request your complimentary demo of TownSq today!
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