December is here and will soon be over, leading the way into 2019. A new year often means a fresh start, but there are plenty of loose ends that HOAs need to tie up before embarking on new projects and bookkeeping. Kuester Management Group has released a statement to the press regarding activities HOAs should be working on now to get ready for 2019.
“For many people, the holidays are a time to relax and take time off from work, but HOAs are busy making sure everything is set for the new year to start off strong,” says Bryan Kuester, President of Kuester Management Group. “There are contracts and projects that must be finalized, budgets to approve, and meetings to set. It’s a time when everyone should be working together to be as efficient as possible.”
One area the HOA must pay attention to at year-end is the association’s finances. There are annual disclosures that must be sent out such as a budget report, policy statement, and other documents. These can vary from state to state, so double check what is required to be distributed. The board should also be working on finalizing the budget so that it can be approved and put in place come January 1. This is a process that should already be well underway and just undergoing minor tweaks or revisions now.
As the year wraps up, the HOA also wants to start gathering necessary tax documents. Make sure that all records, books, receipts, and other financial information are available. If the board is unsure what is needed, talk to a tax professional so that everything is ready to go once tax season begins. While HOAs often operate as non-profits, they are not typically exempt from filing tax returns.
“It can also be beneficial to plan ahead and schedule meetings for the new year in advance to give members plenty of notice,” says Kuester. “Work on planning out meetings, trainings, events, and projects for at least the first quarter or half of the year to get ahead. This can also be helpful to do in conjunction with the budget to see where and when funds will be needed and how much money is allocated to different projects.”
Kuester also encourages HOAs to set goals for the new year such as improving communication, hiring a property manager, or transitioning to electronic records. Gather input from homeowners about what changes they would like to see in the new year too. Now is also the time to start preparing those homeowners who will be stepping into board member positions come January. Ensure that they have necessary documents and understand their responsibilities.
“There is no doubt that the end of the year is a busy time,” says Kuester. “Working with a property manager can help HOAs ensure they’re staying on track and not overlooking important tasks. There are also things the property manager can do to enable the board to focus on more pressing issues that cannot be delegated.”
Kuester Management Group works with HOAs on administrative and financial management to support efficient, effective operations and strong communities.
For more information, contact Kuester today at www.kuester.com.
ABOUT:
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.
Media ContactCompany Name: Kuester Management GroupContact Person: Bryan KuesterEmail: Send EmailPhone: 704-973-9019Country: United StatesWebsite: www.kuester.com
