Kuester Management Group Outlines Year-End Wrap-Up Tips for HOAs
Kuester Management Group details a few ways HOAs can put the finishing touches on 2020 and get ready for 2021.
By: Kuester Management Group
"The holidays can be a busy time, and board members want to get everything finalized as soon as possible so they are ready to go come January," says Bryan Kuester, President of Kuester Management Group. "They don't want to wait until the last minute and then be rushing around trying to get signatures, reach an agreement, or find a specific report."
A major year-end priority for HOAs should be approving the financials and budget for next year, notes Kuester. There should not be any crossover between financial records for 2020 and those for 2021. Decide on any changes in assessments if necessary, and how funds will be allocated to cover projected expenses. Make sure homeowners are informed about the status of reserves and what spending will look like in the new year.
The board should also gather together any documents it will need in order to file taxes. Although it may have to wait until January for certain statements to be processed or closed out, there are other records and receipts that are available now. Put everything together in one place and work closely with the treasurer or accountant.
"If new board members are starting in January, have a plan in place for a smooth transition between members," says Kuester. "Make sure they have access to appropriate resources and tools for their role and are up-to-date on current happenings."
The board should also get together and set some goals for the HOA for the new year. What does the association want to achieve? What are some areas for improvement?
Kuester can assist HOAs with completing year-end tasks and driving efficiency and productivity for 2021.
Kuester Management Group, a division of Kuester Companies, works to protect property values and enhance the quality of life in each of its managed communities. Providing a full range of association management services, Kuester Management Group has worked to foster strong, resilient, and unified communities across North and South Carolina. The company is proud to offer on-site property managers, all zealous for building strong communities meant to stand the test of time. More information is available at www.kuester.com or @KuesterCompany.
Kuester Management Group