Home / Glossary
The words, in plain language.
- Association (HOA)
- A homeowner association. In Hoamly, each association has its own properties, homeowners, books and settings.
- Management company
- The business that runs associations on behalf of their boards. Hoamly's customer.
- Community manager
- A management company staff member who runs an association day to day.
- Board
- The homeowners elected to govern an association.
- Property
- A home or unit in an association. Charges for the property are billed to its homeowner.
- Renter
- A resident who is not the owner. Renters get limited portal access.
- Assessment
- The regular dues homeowners pay. A special assessment is an extra charge for a specific need.
- Late fee
- A fee added when a charge is not paid by its due date and grace period.
- Ledger
- The running record of a property's charges and payments.
- Accounts receivable (AR)
- Money owed to the association, mostly by homeowners.
- Accounts payable (AP)
- Money the association owes, mostly to vendors.
- General ledger (GL)
- The association's complete set of accounting records.
- Chart of accounts
- The list of accounts the general ledger uses.
- Operating and reserve funds
- Day-to-day money, and money set aside for major repairs and replacements, kept separately.
- Reserve study
- A study of long-term repair needs and how much should be set aside for them.
- Bank reconciliation
- Checking that bank transactions match the books.
- ACH
- Electronic bank transfers in the US.
- Delinquency
- An account with overdue charges.
- Payment plan
- An agreement to pay an overdue balance in installments.
- ARC
- The architectural review committee, which approves changes homeowners want to make to their property.
- CC&Rs
- Covenants, conditions and restrictions: the association's governing rules.
- Cure period
- The time a homeowner has to fix a violation.
- Hearing
- A formal meeting where a homeowner can respond to a violation before penalties apply.
- Lien
- A legal claim on a property for unpaid amounts.
- Quorum
- The minimum attendance or participation needed for a valid meeting or vote.
- Motion
- A formal proposal the board votes on.
- Roll-call vote
- A vote in which each member's vote is recorded by name.
- Proxy
- Permission for someone else to vote on a homeowner's behalf.
- Proposal
- A matter put to a homeowner vote, such as an amendment or a rule change.
- COI
- Certificate of insurance: proof of a vendor's coverage.
- W-9 and 1099-NEC
- US tax forms. The W-9 collects a vendor's tax ID; the 1099-NEC reports what they were paid.
- Work order
- A job assigned to a vendor.
- Vendor hub
- A vendor's personal Hoamly link, with no login, for keeping certificates, W-9 and contact details current.
- Pay-by-email link
- A link in a statement email that opens Stripe Checkout so a homeowner can pay without signing in. It lasts seven days.