Adams Stirling PLC
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HOA FINANCES MENU

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
 
ASSESSMENTS & BUDGETS
  2-Minute Video
Annual budget
    -allocation methods (pro rata, uniform, variable)
   -dues vs assessments
    -fee limitations
   -midyear increase
Annual budget disclosure
Budget committee 
Calculating notice requirements
Payment method (cash, credit card, check)
 
ASSESSMENT COLLECTION
Bankruptcy (owner)
Buyer not liable for unpaid dues
Collection policy
Duty to pay assessments
Forclosure Process
    -bank foreclosure
    -judicial foreclosure
    -non-judicial foreclosure (trustee sale)
Late charges, fees & fines
One Action Rule
Partial payments payment plans & priority of payments
Publishing names
Small Claims Court
    -money judgment
Suspend Privileges
 
BANKING
Bank accounts (operating & reserves)
Fund transfers
 
Insurance
    -FDIC
    -fidelity bond & cyber crime
Investing Funds
    -certificates of deposit
    -Interest
    -reserves
Loans to associations
NSF checks
Signature cards
 
RESERVES
  2-Minute video
Borrowing from reserves
Duty to fund reserves
Expenditures
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
    Records Inspection