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:
Usually this column gives advice to the president or chair of a meeting. Today, our advice is for the “loyal opposition”, those members in the minority. Let’s say you are concerned about how the Board is handling, or failing to handle an issue. How can you best advocate for your position at an owner’s meeting?