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Facts About Homeowners Associations Your HOA Board Should Know

November 6, 2015 at 2:22 PM / by HOA Manager

what_you_need_to_know_written_on_chalkboardHow much does your HOA board know about the community associations industry? Learn some basic facts and numbers, and what they mean for the members of your HOA board and Association community.

  • The number of community homeowners associations in the United States grew from 222,500 in 2000 to 333,600 in 2014.
  • California has an estimated 13% of all Associations in the United States.
  • The estimated number of Associations in California is 43,275.
  • The estimated number of people living in Associations in California is 8,600,000.
  • The Community Associations Institute estimates that 2015 will end with approximately 336,000 Associations.

[Source: Community Associations Institute]

These numbers tell an HOA board that it’s not alone when it comes to overseeing the day-to-day functions of the Association. There are board members all over the United States who have the same obligations to meet and issues that arise. The question HOA board members need to answer is, Do you know the obligations you have to meet and where to find resources to help you resolve issues?

For example:

  • Did you know that a reserve study is required every 3 years, and a reserve update every year?
  • Did you know that if an issue is not on the agenda of an HOA board meeting, it cannot be discussed at that meeting?
  • Did you know there is an annual disclosures checklist that should be completed each year?
  • Did you know the CC&Rs can be overruled by the law?
  • Did you know your Board should carry director’s and officer’s insurance
  • Did you know members must be given notice of an annual meeting no less than 10 but no more than 90 days before the date of the meeting?

These are just a snapshot of the many requirements and responsibilities of an HOA board. The fact is, managing a homeowners associations can be overwhelming and time-consuming for volunteer board members. If your Board needs education or feels at a loss of how to meet the needs for your homeowners association, contact The Hignell Companies for a free evaluation below and learn about the possibility of hiring an HOA manager.

At The Hignell Companies, we have been helping HOA and Condominium boards to manage their properties effectively for over 30 years. We provide full Board Advisory and Accounting services to nearly 40 associations, ranging in size from 25 units to 2300 units. Our range of services can meet the needs that you have for accountability and service, and we ensure that everything we do is measured by our commitment to "Creating Caring Communities."

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Related Articles:

Confessions of a Manager: What Every HOA Board Should Know

What Every HOA Board Should Have in Its Tool Belt

Topics: homeowners association, HOA Management, HOA Board