HOA asset management helps the board of directors and manager understand and keep track of assets, and ensure they are well-maintained.
In this article we’re going to look at what HOA assets are, the different types of assets, why it’s helpful to manage your assets and finally how Neigbrs by Vinteum can help you do that.
What are assets?
Assets are anything that the HOA owns that have monetary value. For your balance sheet, these are split into liquid (or current) assets, and non-liquid (or non-current) assets.
Liquid assets
Liquid assets are assets which can be converted into cash easily. These include reserve funds, bank balance and inventory.
Non-liquid assets
These are the opposite of liquid assets, they have monetary value, but can’t be converted easily. Non-liquid assets could be land, long-term assets and intellectual property.
What is HOA Asset Management?
HOA asset management is when the board of directors and manager has all the assets that the HOA owns, from its bank balance to land owned, to how many computers, printers, lawnmowers, and ladders the HOA has. Since assets include the physical inventory that the HOA owns, it is important to have them listed so you can track them.
The benefits of HOA Asset Management
Having your HOA’s assets clearly mapped out and up to date brings a lot of benefits to the board and manager.
Be Clear
The board of directors needs to know what the HOA owns. This information needs to be stored and kept up to date. This makes it easier for following boards to effectively manage the HOA, and it makes your life easier too. It means that if anything is stolen or lost in a natural disaster, you know what it is and you can claim it on insurance.
Making Accounting Easy
When you have your HOA’s assets organized, you make budgeting and accounting easier. From there, you know if you have income coming from your assets, what you need to spend on them, what may be taxed. You won’t need to panic about finding that information so that when budget or tax season rolls around, as you will already have it.
Long-Term Planning
The other eventuality is if your HOA dissolves, while no-one wants that, it is good to be organized for such a possibility. If it dissolved, the board would have to know what was owned by the HOA so they could be divided and sold. This is easy if you consider gym equipment, but not as easy when thinking about the sidewalk. If the board is managing the HOA’s assets well, it will mean no-one will need to panic.
How Neigbrs by Vinteum can help with HOA Asset Management
Neigbrs by Vinteum has a feature that focuses on inventory asset management. This helps you with all physical assets that your HOA may own. These could include hoses, ladders, office equipment, gym equipment, and chairs and tables for the clubhouse.
Keep Track
Once you’ve mapped what the HOA owns, you need to keep track of where they are. In Neigbrs by Vinteum asset management tool, you can include the location of the asset, and how many you own. That way you can easily see that the HOA owns 10 gym weights, which are stored in the gym. Then, if they ever go missing, you can instantly compare to what you have in Neigbrs by Vinteum, and take the appropriate steps.
Update Them Quickly
If your assets change, you can update them quickly and effortlessly in Neigbrs by Vinteum. You can add, edit and remove assets on the desktop and in the app. So when you’re on the go, or don’t have much time you can still make changes.
Health & Safety
In Neigbrs by Vinteum, you can include the warranty end date. So if it’s a computer, you can use that for when the guarantee ends. However, if it’s a set of swings you could use this to see when you need to do maintenance. This helps to ensure the safety of your equipment.
Conclusion: HOA Asset Management
HOA asset management seems daunting, and if you are in the position where you need to find and map all of your HOA’s assets, it can be difficult. However, it brings numerous benefits to the board and HOA in general.
By harnessing technology, and using a secure, reliable HOA management system, like Neigbrs by Vinteum you can make this easier. It also means that updating and keeping track of assets in the future becomes easier.
