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.
read moreAccrual 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 […]
read moreUnless 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 […]
read moreNotwithstanding 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 […]
read moreFor 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 […]
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