Audited financial statements for a condominium or homeowners association (“HOA”) are typically based on accounting principles generally accepted in the United States of America (“GAAP”) and should include the opinion, balance sheet, income statement, statement … In the case of a repeat customer who requests a noticeable increase in his order for merchandise, it is well to ask for a current financial statement … A friendly request will go a lot further than a demand and accusation. Understanding how to read a balance sheet allows you to compare the expenditures that your HOA incurred against the income that it collected. Q:Can an owner within a homeowners association request in writing from the board that copies of association financial statements be provided on a monthly basis to the homeowner? To understand the association’s financial position, board members must have an understanding of the accounting method used. Preparing detailed HOA Financial Statements on a regular basis serves a multitude of purposes from providing insight for financial planning, promoting transparency between the board and residents, as … In most states, homeowners associations can choose one of three bases of accounting to prepare interim statements: Accrual basis; Cash basis What financial reports should condo association owners receive? Let the accountant put the financial statement together and send it to the treasurer for a final look before sending it to the board and then onto members. I would like to see the financial statements for my Florida condo on a monthly basis (estatement acceptable) but have … Accrual accounting is generally regarded as the superior accounting method since it gives a more complete picture of you HOA’s financial health and status than the cash or modified accrual methods. By using careful accounting procedures and providing regular financial statements, you can demonstrate that the HOA… An income statement is a more focused financial document that specifically tracks all the income that has been received by your HOA.

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. 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.
(3) The association shall keep financial records sufficiently detailed for proper accounting purposes. One of the obligations of an HOA/condo corporation is to ensure the fiscal health of the community. Requesting Financial Statement and/or Additional Information. Comment: When a prospective customer is questionable or unknown, you must speak plainly, but in a courteous manner. Banks, lending institutions and creditors offer such statements …
Dues and HOA assessments come in while expenses for maintenance, repairs, and improvements flow outward. $300,000-$499,999 to prepare reviewed financial statements $500,000 or more to prepare audited financial statements In California, the civil code requires associations to commission a financial …