The year is quickly winding down with just a few weeks to go. As schedules become busier, it’s important for the HOA to ensure that it has adequately prepared to kick off the new year with a strong start. Kuester Management Group has released a statement to the press sharing tips for wrapping up 2017 and creating a smoother transition into 2018.
“The HOA has worked hard all year, and the end of the year is not the time to start slacking off,” says Bryan Kuester, President of Kuester Management Group. “It is the time to finalize financial activities, approve projects set to begin, establish goals, review rules and regulations, and update members. There are plenty of things to do to prepare.”
One of the primary tasks should be organizing financials. This means gathering necessary documents to file taxes, reconciling accounts, reviewing the reserve study, and finalizing the budget for the new year. If funds do not match anticipated expenses, it may be time to evaluate opportunities to cut costs or reassess HOA fees. Fees should keep pace with inflation and rising community costs to reduce risk of special assessments or underfunded reserves.
The HOA should also take time to review current policies and procedures. Are regulations being fairly and consistently enforced? Are there outdated rules that may need to be amended to align with current local and federal legislation? It is important to keep up with any changes so that the HOA remains in compliance.
“It’s also a great time to start generating interest in volunteering or serving on the board,” says Kuester. “Discuss upcoming projects and ways that homeowners can get involved. Let them see that there are opportunities requiring varying levels of skills and time commitments. If elections are coming up, make sure that members know how to get their name on the ballot. The board should also be planning ahead for these types of events and what they need to do to prepare.”
Keeping pace with planning, the board should create a comprehensive calendar for the new year outlining when meetings will take place, prospective dates for community events, when vendor contracts must be renewed, and when projects are anticipated to begin and end. This can help the HOA to stay organized and ensure that tasks do not get overlooked.
“Another consideration to make is whether it’s time to hire a property management company,” says Kuester. “If the HOA could use help managing administrative responsibilities, keeping up with member communications, creating an effective budget, planning and running meetings, or handling a variety of other tasks, a professional management company can be a wise investment.” Kuester Management Group supports HOAs throughout the Carolinas in running more efficiently and effectively to build strong communities. Now is the time to begin planning for the new year, so don’t delay.
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.