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ACCOUNTING & AUDITS
*Board's Financial Duties
Accrual accounting
Audits & Reviews
   -audit vs review
   -auditor's opinion
   -annual financial statement
   -internal controls
   -manager representations
   -Sarbanes-Oxley
Balance sheet
Capital improvements
Cash accounting
Check signing
CPA (Certified Public Accountant)
CPA license verification (website)
Disclosure checklist
Duty to review finances
Embezzlement
   -fidelity bond
FASB defined
Financial statements
  -annual
  -approving unaudited reports
  -ASC 606 standard
  -interim (monthly/quarterly)
Fraud
Fund accounting
GAAP defined
General ledger
Goods and services
Income statement
Internal controls
Litigation disclosure
Long-term lease accounting
Modified accrual
Monthly financials
Peer review - CPAs
Right to inspect
 
RESOURCES
American Institute of CPAs
Calif. Board of Accountancy
Financial Acctg Standards Board
 
TAXES
Association Income Taxes
    -501(c)(4)
    -forms 1120 & 1120H
    -RTC 2188.5 (planned dev'l)
    -RTC 23701t (HOAs)
    -tax resolution
    -unincorporated associations
Association property taxes
Eight tax reporting deadlines
Employee bonuses
Excess income resolution
Exempt status (website)
Franchise tax
Interest
    -on reserves
    -special assessments
Internet sales tax
Minimum annual tax
Nonprofit vs. charitable
On reserve interest
Outside income limitation
Owner taxes
Property taxes
Reserve funds
    -tax on reserves
    -tax on reserve interest
Revenue rulings
Secretary of State filings
Suspended corporation
Tax considerations for HOAs
Tax-deductible assessments
Tax on fees
Tax resolution
Use tax
 
WEBSITES
Franchise Tax Board
Internal Revenue Service
 
 
RELATED MENUS
    Assessments & Fees
    Assessment Collection
    Banking
    Budget
    Reserves