HOAs
Since 1972, we have prepared over 8,000 audits, reviews, compilations and tax returns of Homeowners Associations, working with over 100 management companies throughout California.
Audit/Review/Compilation
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Audit report in accordance with the AICPA Audit & Accounting Guide for Common Interest Reality Associations (CIRA Guide)
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If your Association does not require an audit, we can prepare a financial review or compilation
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Preparation of accrual basis financial statements, operating vs. reserve funds and two year comparative reports
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Management Advisory Letter - Standard financial recommendations to help the Board and management company meet fiduciary duties more effectively. If reportable conditions or material weaknesses exist, they are disclosed in this letter.
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SAS 114 & 115 letters as required
Income Tax
We are very familiar with all of the technical requirements of HOA taxation and provide the following tax services:
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Federal Form 1120 or 1120H as appropriate, California Forms 100 and Form 199
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Form 990 if applicable
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Tax Filing Instructions, Due Dates, Estimated Tax coupons, envelopes
A partial list of California Civil Code sections relevant to HOAs:
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1363 - Definition of Common Interest Development and Associations
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1363.05 - Common Interest Development Open Meeting Act
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1363.5 - Required Documents
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1365 - Financial Records & Reporting
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1365.5 - Operating and Reserve Accounts
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1365.2.5 - Assessment & Reserve Funding Disclosure Summary
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1365.7 - Volunteer Officer or Director Liability
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1365.9 - Insurance Coverage
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1366 - Levy of Assessments
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1368 - Documents to be provided to new homeowners
