Tag Archives: financial

Associations Using CPA’s: Is it Really Necessary?

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:

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WV: Analysts: HOAs need financial reserve plans

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

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