Although homeowner associations are created as nonprofit corporations, this does not mean the associations do not engage in financial transactions or require the services of a certified public accountant (CPA). For example, it is common for an association’s governing documents to require a financial audit or review on an annual basis, and associations are required to file tax returns every year. Further examples of situations in which it may be beneficial to consult a CPA include:
- If your home or building was built before 1978, it likely falls under the new federal lead law, which applies if more than 6 square feet of lead paint is disturbed. The HOA can decide to assume lead is present, or you our your contractor can test for lead with an EPA-approved lead test kit, available at most hardware stores. Or you can hire a certified professional to do the test.