Items HOA Boards Should Review Before 2025

Items HOA Boards Should Review Before 2025

July 4, 2024

From managing finances and planning events to enforcing rules and holding meetings, homeowners’ association (HOA) board members have a lot on their plates. Still, residents trust their elected board members to stay on top of operations, fulfill their fiduciary duties, and ensure the neighborhood continues to be a great place to live.

As we enter the year’s second half, it’s an ideal time to check on the association’s health and assess a few key components to keep things running smoothly. Here are ten items all HOA boards should review before 2024 comes to an end.  

1. Legislation updates

HOAs are a hot topic in government offices around the country. Find out if any new legislative changes affect your community and take steps to facilitate compliance. If you have questions or need assistance, contact your community association manager or attorney.

2. Insurance policies

Often required by law, HOA insurance serves as a safeguard for the community, shielding it and its members from specific liability risks and other losses. You should inspect various insurance policies and take note of:

  • Policy expiration dates
  • Policy limits
  • Terms and conditions
  • Deductibles
  • Pricing

3. Technology

If your community leverages HOA technology or software, conduct an audit and verify the product and services are adequately meeting your needs. If your HOA hasn’t implemented technology solutions, consider doing so. Dedicated management platforms, like TownSq, make leading and living in a community association simple with features for:

  • Online payments
  • Communication
  • Digital voting
  • Document storage
  • Amenity reservations
  • Event calendars

4. HOA rules and regulations

Every HOA has rules and regulations that all members must abide by. However, community goals, needs, and priorities evolve over time, and your HOA’s rules may need to be revised or adjusted. Read your bylaws, ensure they’re clear, make necessary updates, and communicate changes. Also, double-check that governing documents are easily accessible to residents.

5. Committees

HOA committees comprised of volunteer residents can help share the board’s workload. Identify projects or areas that need additional oversight and form committees to offer support and guidance. Popular HOA committees include:

  • Social committee
  • Welcome committee
  • Architectural review committee
  • Landscaping committee
  • Neighborhood watch committee
  • Budget committee

6. Vendor contracts

Managing an HOA is a team effort, and many communities partner with third-party vendors and service providers to get things done. Revisit your vendor contracts, do performance reviews, and ask about promotions or discounts for referrals or loyalty. If you’re unhappy with the pricing or services rendered, shop around for other options.

7. Safety plans and protocols

HOAs should have plans in place to prepare for inclement weather, natural disasters, and other unforeseen circumstances.  Thoroughly detailing how a community must respond if an incident or disaster occurs, emergency action plans should be reviewed regularly to promote the safety of all community members.  

8. Calendars and events

Involved residents are happier residents—and your HOA should maintain camaraderie and encourage connections by hosting activities throughout the year. Set dates for upcoming events, like annual meetings, holiday parties, and BBQs, well in advance. Add them to a virtual community calendar and send save the dates so people can make plans to attend. Other important items to mention on the calendar include:

  • Staff out-of-office dates
  • Parking restrictions
  • Inspections
  • Renovations
  • Building closures
  • Maintenance

9. Finances

HOA residents pay dues and fees to sustain community amenities and operations, and board members are responsible for managing financial stability and making smart decisions. Take time to evaluate the annual budget, contact your certified public accountant (CPA), and look at reserve accounts to guarantee sufficient funds are available.

10. Communication channels

Strong communication is the foundation of any thriving community. Assess your communication channels and confirm they’re effective. Make sure you have accurate contact information for residents and that they know how to access information and who to contact in case of emergency.

Get Your HOA Ready for 2025 with TownSq

Board members must stay organized and optimize efficiency to lead the community successfully. With TownSq, the top all-in-one platform for HOA board members, residents, and management companies, leading a community can be a breeze. Our wide-ranging features for communication, engagement, finances, and document storage make connecting, communicating, and collaborating seamless. To explore everything TownSq offers, request a 30-day free trial here.