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HOA FINANCIAL 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
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
Transfer fees
 
COLLECTING ASSESSMENTS
Bankruptcy
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)
Small Claims Court
Suspend Privileges
 
BANKING
Bank account transfers (operating & reserves)
Insurance
    -FDIC
    -fidelity bond & cyber crime
Investing funds
 
Loans to associations
NSF checks
Signature cards
 
RESERVES
*Reserve studies and funding
Borrowing from reserves
      Borrowing From Reserves
Investing reserve funds
Plumbing reserves
Transferring funds from reserves
 
SPECIAL ASSESSMENTS
*Special assessments
Death and dying
Emergency assessments
Landscape & maintenance assessments districts
Reimbursement assessments
 
TAXES
Employee bonuses
Excess income tax resolution
Filing Tax Returns
    -501(c)(4)
    -forms 1120 & 1120H
    -nonprofit vs. charitable
    -RTC 2188.5 (planned dev'l)
    -RTC 23701t (HOAs)
Property taxes
Suspended corporation
Tax considerations and deadlines
Tax on reserve interest
 
RELATED MENUS
     Disclosure Checklist
     Insurance
     Records Inspection