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:
DO’S AND DON’TS: HOW TO STAY OFF THE EVENING NEWS
A quick internet search quickly reveals that foreclosures pursued against homeowners living in planned communities have received significant negative press. Stores of abuse by dictatorial boards of directors against honest, hardworking property owners...
The N.C. General Assembly’s House Select Committee on Homeowners’ Associations has concluded its series of public meetings across the state and has issued its interim report.
Big-ticket items for a housing development such as road repairs aren’t cheap, but paying for them can be easier if homeowners associations have made the necessary financial preparations and laid the groundwork to handle this kind of expense over time.
Authors: Community Associations Network National