Adams Stirling PLC
Menu

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
 
BUDGETS
  Budget Requirements
Annual budgets
    -allocation methods (pro rata, uniform, variable)
    -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
    -bank foreclosure
    -judicial foreclosure
    -non-judicial foreclosure (trustee sale)
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