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
 
BANKING
Bank accounts (operating & reserves)
Bounced checks
Embezzlement
Fund transfers
Insurance
    -FDIC
    -fidelity bond & cyber crime
Investing Funds
    -certificates of deposit
    -Interest
    -reserves
Loans to associations
Signature cards
 
BUDGETS
  2-Minute Video
Annual budget
  -20% limitation
   -midyear increase
Annual budget disclosure
Assessment allocation
Budget committee 
Budgeted gross expenses
Calculating notice requirements
Political contributions
 
RESERVES
  2-Minute video
Borrowing from reserves
Duty to fund reserves
Expenditures
Reserve study required
    -elevated structures
    -plumbing
Unexpected reserve expense
 
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
Secretary of State filings
Suspended corporation
Tax considerations for HOAs
Tax on reserve interest
 
RELATED MENUS
    Assessments & Fees
    Assessment Collection