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A homeowners’ association (HOA), a condominium association and other common-cause realty-based organizations have a responsibility to the community of members to manage the collected funds efficiently and protect the owners’ real estate investments in their properties.
Considering HOA board members are usually volunteers from member households, there’s often very little professional expertise in finance between them.
That’s the main reason for seeking out an HOA accounting firm: to add knowledge and experience to support the board. By hiring a certified public accountant (CPA) for property management, board members unburden themselves of the nitty-gritty bookkeeping and financial planning tasks. With the appropriate level of oversight, HOA and condo association boards gain an experienced ally and a financial partner.
You also get the additional benefit of freeing up time to address other concerns and priorities. When you’re looking for an association accounting firm, look no further than Miller & Company, LLP, which operates in New York, Washington DC and Sarasota, FL.
NON-PROFIT DOESN’T MEAN NO FINANCIALS
HOAs and condo associations are established as non-profit entities. That means every cent from owners’ dues must go to completing the duties of the organization. No one profits from it. In fact, the board members are volunteers. But even non-profit entities have income to collect and expenses to track. And every cent — from the owners’ dues coming in to the monthly maintenance expenses to the funds earmarked for particular improvements or replacements — has to be painstakingly tracked and managed.
HOA CPAs at Miller & Company in Sarasota not only track the financials month to month, but they generate quarterly and annual reports that detail for the board and members that the association is on track in their duties. They provide a specialized form of HOA bookkeeping services that include tax services and financial audits for the HOA or condo association. Since there are many requirements to manage large amounts of money in a responsible way, every condo association and HOA needs an expert accountant.