What Are The Responsibilities of an HOA Board?

The HOA Board is in charge of many duties for their community. From finances to legal duties, the responsibilities are varied. While ultimately, the HOA is responsible for promoting the neighborhood’s sense of community and protecting the value and integrity of the community, there are many day-to-day tasks required for your HOA community to function properly and well. 

As the industry leader, Wise Property Management has the expertise and experience to help with all of your HOA board’s responsibilities and tasks as your Tampa association management partner.

 

Budgeting, Accounting, and Assessing Association Financials

The most successful HOAs are ones that properly manage their finances. Money-related tasks are frequently at the root of maintenance responsibilities and it is up to the HOA to help stabilize and properly budget to make sure the community is property maintained. Creating the annual budget, auditing annual expenditures, and managing homeowner dues are among some of the many financial responsibilities of an HOA board.

Between collecting HOA dues, hiring vendors, and other various expenses, the HOA’s management of accounting, finances, and budgeting is a lot of responsibility. Hiring a Tampa homeowners association management company like Wise Property Management can help carry the weight of your day-to-day and annual accounting tasks. 

 

Enforce Compliance with Community Rules and Governing Documents

Another important job of the HOA board is to create community rules, regulations, and governing documents, as well as monitor the compliance of residents thereof. Many aspects of HOA regulatory actions need to be managed and recorded.

Enforcing community rules is a task that goes beyond simply creating and discussing them. Dealing with violations can be difficult when it comes to relationships with neighbors and conflicts of interest. On many occasions, hiring a property management company is one of the best ways to bolster effectiveness and prevent any mistakes from occurring when creating and enforcing rules, regulations, and governing documents.

 

Hire Vendors To Maintain the Neighborhood

The HOA board is in charge of interviewing and hiring vendors, property managers, contractors, and any other professionals to help maintain and improve the community. The process of onboarding vendors and contractors is highly involved and takes quite a long time. 

Whether it is hiring a landscaping contractor or a lawyer for legal advice on behalf of the community, the HOA board is directly responsible for vendors. An association management company for your Tampa neighborhood can step in and be responsible for finding and vetting high-quality vendors and contractors to meet the unique needs of your community.

 

Wise Property Management Can Assist Your HOA With Board Responsibilities 

With so many varying tasks and responsibilities, hiring a Tampa association management company can help you stay on top of everything that needs to be done. You’ll rest assured knowing that your community and association are receiving the highest quality hands-on care from our team of expert licensed community association managers. 

Request a proposal today, or call us at (813) 968-5665 to learn more about our Tampa homeowners association management services.

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