Kuester Management Group Emphasizes Importance of Timely Payment of HOA Dues

CHARLOTTE, N.C. - Rezul -- HOA fees account for the vast majority of annual income for associations. Dues may be collected monthly, quarterly, or annually, but the HOA relies on these funds to meet its budgetary needs and operating expenses. Kuester Management Group has released a statement to the press regarding the importance of paying on time and enforcing collections for the financial well-being of the association.

"If one or two homeowners fall behind on their HOA dues, it may not seem like a huge deal, but when there are multiple members not paying on time, it can create a noticeable impact," says Bryan Kuester, President of Kuester Management Group. "The board depends on this income to cover the expenses of running the HOA and maintaining a safe, attractive community."

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Many people don't realize everything HOA fees are used for, says Kuester. Yes, they go toward landscaping and upkeep of amenities such as the pool, athletic courts, and clubhouse, but they are also used to pay for insurance, management services, legal counsel, capital projects, and more.

The board bases its annual budget on the expected income from HOA dues, and that is also how it determines necessary increases. Late payments and outstanding debts can mean the association has to chip away at its savings to cover operating expenses and may not be able to put as much toward its reserve fund. Without a well-funded reserve, special assessments may be implemented to cover unexpected or significant costs.

It is important for the board to set clear policies, procedures, and expectations when it comes to dues collection. Costs are divided equally among all homeowners, and each member is required to pay their part. Homeowners who are experiencing financial difficulties should talk to their HOA about payment options and how to resolve delinquencies.

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"Partnering with an HOA management company can help the board stay on top of financials including sending invoices and notifying members of late payments," says Kuester. "Everyone should work together to create an effective strategy and maintain compliance so that the HOA remains in good financial standing."

ABOUT:

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.