You walk alongside several yards in your Ewing, New Jersey, neighborhood and instantly feel like you've hit the residential community jackpot. The yards and homes are well-manicured and kept-up, and you know your homeowners association (HOA) is primarily responsible for this. You're not the only one in this situation.
Research shows that New Jersey in October 2022 had over 6,900 HOAs, with nearly 1.5 million living in communities with HOAs. That's almost 16% of the state's population. HOAs are popular because they enforce rules designed to keep homes looking attractive and uniform to protect their property values.
Every community association has an HOA board, as these boards play a crucial administrative role. Let's explore HOA board duties here.
Maintain Common Areas
One of the most important duties of an HOA community board is to maintain the community's common areas. These include private streets and entrance signs. They may also need to contract with landscapers to mow the grass growing in their common areas.
HOA boards are responsible for the upkeep and maintenance of community amenities, too. Amenities may range from playgrounds to gyms, clubhouses, and pools.
The board must ensure the above projects are finished at the appropriate intervals. Another crucial HOA board duty is planning for large capital repair projects that may arise in the years ahead.
Handle HOA Board Finances
Another important HOA board duty involves managing association finances. Financial management duties might include collecting annual HOA fees. Other tasks may include the following:
- Paying the HOA's expenses
- Approving and drafting annual budgets
- Maintaining records
- Managing monetary reserve accounts
- Developing financial policies
The HOA board must ensure the community association has plenty of funds to cover its current bills. They must also prepare financially for the years ahead.
Delegating the financial management tasks to an HOA management company may make this aspect of HOA leadership easier for you. Remember, though, that you'll still ultimately be responsible for your community association's financial well-being.
Comply With HOA Board Documents
Yet another essential HOA board duty is to ensure the association's members comply with all HOA rules highlighted in their governing documents. Proper compliance enforcement can help promote aesthetically pleasing communities that will draw more homebuyers.
HOA boards must also be familiar with the federal, state, and local laws affecting their communities. All relevant internal and government regulations should be easily accessible to members to create an environment of transparency.
You can make these documents easy to read by mailing out copies or sending them via e-mail to your community members. A property management company offering HOA management services can easily help your board enforce government and community regulations 24/7.
How We Can Help Your HOA Board
An HOA board has multiple responsibilities, including maintaining common areas. Other important duties include managing the community's finances and ensuring compliance with HOA board documents.
At PMI Essential, we offer top-quality community association management services. We can help with reporting and accounting, vendor coordination, property inspections, and ensuring compliance.
We've earned a reputation for our high-level customer service in Ewing, New Jersey. Book a consultation to discover how we can help your HOA thrive long-term.
