To provide their internal and external users with the financial information needed to make appropriate decisions on behalf of the community association.

Chapter 718 of the Florida Statute pertains to Condominium Associations, while Chapter 720 pertains to Homeowner Associations (HOAs). There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local regulations. In our opinion, the financial statements present fairly, in all material respects, the financial position of Croydon Vineyard Estate Homeowners Association as at 31 May 2018 , and its financial … Larch Homeowners Association Notes to the Financial Statements December 31, 2018 1. In Nevada, the law says that HOAs must maintain financial records and make them available to homeowners and auditors. The state law gives you the right to inspect the HOA accounts if you provide the board five days written notice. Homeowners Association, Inc. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2015 Page 9 NOTE E - INCOME TAXES Homeowners’ associations may be taxed either as homeowners’ associations or as regular corporations. Summary of significant accounting policies Nature of operations Larch Homeowners Association (the "Association") is a society incorporated under the Societies Act of Alberta on November 8, 2010. Collier Club Homeowners' Association of Indian River County, Inc. (the Association) is a statutory association incorporated in the state of Florida on February 2, 1999 as a corporation, not-for-profit, under the terms and provisions of Chapter 617, Florida Statutes. Regularly generated financial statements are the best tool for keeping an eye on the fiscal fitness of your association. and notes to the financial statements, including a summary of significant accounting policies. Your legal rights – Since almost every homeowner association is organized as a non-profit corporation, state general statutes are the first place that a homeowner might look to find the specific laws that require access to financial records. For the year ended December 31, 2015, the Association was taxed as a regular corporation and filed Form 1120. Operations of the Association commenced in 2018. California, for example, has a law that says that HOA boards must provide homeowners with annual financial statements. Association’s financial statements are produced for two primary reasons: To enable the Community Association’s board and manager to control the Association’s financial operations. When it comes to your HOA’s monthly, quarterly, and yearly financial statements, the outcome is largely dependent upon which type of accounting method is used by your HOA. The annual financial reporting requirements for condominiums and homeowners’ Associations in the State of Florida can be found in the Florida Statutes.