Tag: HOA
HOA Balance Sheets: A Detailed Guide
Homeowners associations depend on financial statements to determine financial health. One of the most crucial ways to achieve this is through the balance sheet. A balance sheet provides a detailed view of an organization’s financial position. This may include equity, assets, and liabilities. By understanding the components and how to review your HOA’s balance sheet,…
The Role of HOA Audits in Building Trust and Transparency
Trust and transparency are the foundations of many Homeowner’s Associations (HOA). These are vital traits for ensuring a successful and harmonious community. An HOA audit is vital in maintaining these values and contributes to financial integrity and accountability. Here’s why having an HOA audit matters. Ensuring Financial Accuracy and Integrity Audits in HOAs are important…
Financial Review Vs Audit: What HOAs and Condominiums Need to Know
As the year ends, homeowners and condominium associations face the vital decision of conducting a financial review or an audit. While these terms are often used interchangeably, they have different purposes. Understanding the differences between a financial review and an audit is essential for HOA accounting and making an informed decision that benefits the community.…
A Comprehensive Guide to the HOA Accounts Payable Report
Homeowners Associations (HOAs) are vital in managing and maintaining residential communities. The HOA accounts payable report is an essential tool that helps achieve this. What is the accounts payable report? It tracks an association’s debts and ensures smooth financial operations. Since its importance and function are only sometimes fully understood, consulting a professional for HOA…
What Are the Signs Your HOA Needs Professional Financial Support?
Did you know that 66% of completed homes are part of Homeowners Associations (HOAs)? These organizations manage various aspects of residential communities, including financial management. While some HOAs handle finances smoothly, others encounter difficulties that show the need for professional financial support. Here are telltale signs that your condo association bookkeeping in Miami requires financial…
Understanding Form 1120-H When Filing an HOA Tax Return
Understanding the various HOA tax return obligations is crucial for effective financial management as a homeowners association (HOA). While HOAs were initially required to file form 1120, the Tax Reform Act of 1976 introduced form 1120-H, simplifying the HOA tax process and providing significant tax benefits. Here’s what you need to know about Form 1120-H…