Tag: HOA Reserve Funds Explained

HOA IRS Revenue Ruling 70-604: What It Means When Homeowners Vote for It or Against It

Every year, your HOA holds its annual meeting, and buried in the agenda is a confusing line item that reads something like this: Vote to apply excess membership income to the following year’s budget or refund it to members: IRS Revenue Ruling 70-604. Most homeowners glance at it, shrug, and move on, but what you […]

HOA Special Assessments: What Homeowners Need to Know Before Paying

Understanding HOA Special Assessments Before You Write a Check When your homeowners’ association (HOA) sends notice of a special assessment, it can feel alarming. Whether it’s for roof repairs, new landscaping, or electrical upgrades, few things frustrate homeowners more than surprise fees. Before paying, it’s critical to understand what special assessments are, when they’re legal, […]