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HOA FINANCES MENU

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Board's Financial Duties
 
ACCOUNTING & AUDITS
Accrual, modified & cash accounting
Audits & Reviews
   -audit vs review
   -auditor's opinion
   -internal controls
Bad debt
Capital improvements
Certified Public Accountant (CPA)
Changing the fiscal year
Disclosure checklist
Embezzlement
    -fidelity bond
Financial statements
Reporting litigation to the membership
 
BUDGETS
  Budget Requirements
Annual budgets
    -allocation methods (pro rata, uniform, variable)
    -cost centers
    -fee limitations
Annual budget disclosures
Budget committee 
Calculating notice requirements
 
COLLECTING ASSESSMENTS
Bankruptcy (owner)
Buyer not liable for unpaid dues
Collection policy
Duty to pay assessments
Forclosure process
Late charges, fees & fines
One Action Rule
Partial payments payment plans & priority of payments
Payment method (cash, credit card, check)
Publishing names
Small Claims Court
Suspend Privileges
 
BANKING
Bank accounts (operating & reserves)
Fund transfers
Insurance
    -FDIC
    -fidelity bond & cyber crime
Investing funds
 
Loans to associations
NSF checks
Signature cards
 
RESERVES
  Borrowing From Reserves
Borrowing from reserves
Duty to fund reserves
Expenditures
Investing reserve funds
Reserve study required
    -elevated structures
    -plumbing
Unexpected reserve expense
 
SPECIAL ASSESSMENTS
*Special assessments
Death and dying
Emergency assessments
Landscape maintenance district
Maintenance assessment district
Reimbursement assessments
To fund reserves
 
TAXES
Eight tax reporting deadlines
Employee bonuses
Filing Tax Returns
    -501(c)(4)
    -forms 1120 & 1120H
    -nonprofit vs. charitable
    -RTC 2188.5 (planned dev'l)
    -RTC 23701t (HOAs)
    -tax resolution
    -unincorporated associations
Outside income limitation
Property taxes
Suspended corporation
Tax considerations for HOAs
Tax on reserve interest
 
RELATED MENUS
     Disclosure Checklist
     Insurance
     Records Inspection