---
title: How should HOA finances be managed?
description: What are the legalities of the type of bank account where a management company holds an HOA's operating and reserve funds (i.e., separate account).
---

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# How should HOA finances be managed?

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## What do you think? Question:

What are the legalities of the type of bank account where a management company holds an HOA's operating and reserve funds (i.e., separate account). Who is the account owner? Is it a trust account, where the management company is trustee and the HOA the beneficiary? If so, what type of trust? E.g., revocable at will by the HOA/beneficiary? Or is just a regular business account where the business has an authorized agent/bookkeeper/account who has been given certain restricted access to the account? And ... is revocable at will by the HOA?

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## What do you think? Answers (4)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

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### [HOA accounting: how to record collection of old delinquent fees?](https://www.condoassociation.com/blog/hoa-accounting-how-to-record-collection-of-old-delinquent-fees)

### [What's the best HOA financial software for self-managed association?](https://www.condoassociation.com/blog/what-is-the-best-hoa-financial-software-for-self-managed-association.aspx)

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