We recommend that HOAs use the Accrual Basis of Accounting for financial statements. Learn the differences between accrual, modified accrual, and cash basis accounting, and how they affect your financials.
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HOA Education - Articles Accounting Accrual
Accrual basis accounting gives a more complete picture of a homeowners association’s health and financial status than cash basis, making board members increasingly interested in converting their HOA’s financial statements […]
Unless the governing documents impose more stringent standards, a review of the financial statement of the association shall be prepared in accordance with generally accepted accounting principles by a licensee […]
Notwithstanding a contrary provision in the governing documents, an association shall distribute an annual budget report 30 to 90 days before the end of its fiscal year. Unless the governing […]
For the purposes of this article, the following definitions shall apply: “Association records” means all of the following: Any financial document required to be provided to a member in Article […]