Protecting Your HOA from Fraud and Embezzlement
Unfortunately, fraud happens in homeowners associations. No strategy will guarantee that your HOA won’t be a victim of theft or embezzlement, but your board can take reasonable steps to reduce […]
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The 3 Methods of HOA Accounting and Financial Statements
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.
How to Plan Your HOA’s Budget
Budgeting in condo associations and other HOAs takes planning: gathering the right disclosure documents, anticipating rate changes in utilities and insurance, and following the Davis-Stirling Act. Get started with all […]
Audits, Reviews, and Compilations – Oh My!
Published in the ECHO Journal, January 2009 Maintaining accurate records and internal controls are necessary for an association to ensure that the financial reports precisely reflect the financial condition of […]
2008 Survey of Community Association Financial Statements
Published in the ECHO Journal, February 2009 ECHO and the firm of Levy, Erlanger & Company, CPAs (LEC) completed a financial survey of approximately 1,500 Northern California community associations in […]
How to Adopt Accrual Basis Financial Statements for Your HOA
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 […]
How to Review Bank Statements and Monitor Your HOA’s Money
One of the most timely and efficient ways to keep track of association financial accounts is to properly review and reconcile bank statements. This includes implementing safeguards against fraud, monitoring […]
Financial Reports
Financial Reports: The Need, the Problem, and the Solution The oldest surviving form of the Greek language is crude scratchings on clay tablets found buried in the ruins of ancient […]
Fund Accounting Vs. Equity Method of Reporting: Which One is Right for You?
Published in the ECHO Journal, January 2013 Financial statements for a homeowners’ association may be presented using either the Fund Accounting Method of Reporting or the Equity Method of Reporting. […]
Annual Financial Statement Review: Working with your CPA
Published in the ECHO Journal, November 2013 The California Civil Code, under Section 1365(c) [new code §5305] of the Davis-Stirling Common Interest Development Act, requires that: “A review of the […]
