What Is a HOA Statement?

HOA plays an integral role in taking care of the shared spaces; they have to enforce rules, make sure everything is perfectly aligned, basically, they are the backbone running the whole system.

So obviously, that calls for all types of expenses, and homeowners under that HOA give out monthly fees for the repairs and management.

Why is it essential to know an HOA statement? It's because it gives every homeowner a clear understanding of the financial obligations towards the HOA and the community, and will help to avoid all sorts of conflicts and foster transparency and accountability.

What Is an HOA Statement?

An HOA statement is basically the record of what the homeowners owe to the association. It usually covers the recurring dues and the upkeep of the shared amenities such as swimming pools, landscaping, clubhouses, or elevators.

Every member receives a personalized statement that shows their outstanding balance and payment details. Acquiring this information will not only help the association track its income but also allow homeowners to stay current on their dues.

Key Details in the Statement

A standard HOA statement will provide you with the essential information, such as the date of issue, the name of the HOA, the address of the HOA, the total amount that is due, and the payment deadline.

It also includes a summary of previous payments and provides a clear and easy-to-understand description of all charges and credits applied to the account.

How Often Should HOA Statements Be Issued?

There is no fixed frequency of the HOA statements, as it varies from one community to another, and usually depends on state laws and the association's size. While many HOAs prefer to issue monthly statements, others put forward a different approach.

However, a smaller association mostly opt for quarterly statements as that works well too. Remember, the key is consistency, and the regular billing keeps the funds flowing more steadily, that ensures the maintenance, repairs, and reserve contribution to stay on track.

Streamlining Through Automation

Relying on paper or manual email statements can become cumbersome over time. Modern HOA management software now allows associations to automate this process entirely.

Digital Statement Advantages

Using a safe online portal, the members would be able to log in and check their balances, get statements, and make payments using such tools as Stripe, Braintree, or QuickBooks. It reduces the time spent on administration, reduces late payments, and tightens the records.

Electronic updates give the homeowners and board members a clear picture of the money situation in the association without the delay that paper forms normally cause.

Controlling Non-Payment and Delinquencies

At times, homeowners are able to fall behind in their payments. At that point, HOAs can make a few steps, which is permitted by their bylaws and local laws.

Steps the HOA Can Take

A few reminders and a late fee notice are usually the beginning. In case the balance remains unpaid, the association is allowed to issue a formal notice or to engage a collection agency. In more extreme instances, the lien may be placed on the property.

But the majority of HOAs attempt to correct things amicably. Paying in installments or having honest discussions usually helps to clear the financial problems without ruining the community spirit.

How to Get HOA Statement

The homeowners are typically able to access their HOA statement through the official online portal of their association or by contacting their property management company.

All HOAs are digital most of the time; just download or print the statement as and when you require it. And in the event that your community remains paper-based, just request the HOA board or your manager to provide a hard copy.

Where to Get HOA Statement

When your HOA has a professional property management company like Mosaic Services, you should be able to access your statement through their site or member portal.

Mosaic ensures that you can receive proper and timely statements, whether it be by email, a secure portal, or even by snail mail, so that you are always in the know on your account.

HOA Statement Example

The standard HOA statement will spew out the name and address of the homeowner, the HOA information, the date of the issue, and the date the payment is due.

It will give all the charges, monthly dues, late fees, credits, and assessments, and display your balance and payment options. So it makes it all transparent, and you would be able to keep track of your payments with ease.

Special Assessments and Annual Financial Statements

There are also unexpected costs that occur occasionally, such as storm damage or emergency repairs that cannot be paid by the regular dues.

During such times, the HOA can give a special assessment statement. They are not premeditated and only the option of last resort.

Every HOA is also supposed to prepare an annual financial statement along with individual dues statements.

Such reports are made up of income, expenses, assets, and reserves for the year. By sharing them with homeowners, transparency is created and trust is maintained in the use of community cash.

The reason behind HOA Financial Statements

Financial statements are not just numbers, but reflect the general well-being of the community. Precision and punctuality translate to smarter budgeting, greater transparency between the board and residents, and a strong credit record among buyers and lenders.

By having the ability to view the manner in which their dues are managed, the residents will increase confidence and cooperation throughout the entire association, ensuring that the immediate demands and the long-term projects remain on course.

Conclusion

An HOA statement is far beyond the regular bill; it is one of the major communication instruments that holds the community informed, up to date, and economically stable.

With proper, consistent, and transparent records, the homeowners and the HOA boards will be able to operate more efficiently and establish a more positive trust between the neighborhoods.

Professional property managers such as Mosaic Services can assist communities that desire to make the process simple.

Mosaic has experience in HOA financial services and communicating with homeowners to ensure that all statements are accurate, up-to-date, and easy to follow, maintaining your community's order and financial soundness.