HOA Accounting Requirements

Started by FrankD2 • 5 replies • 2202 views

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FrankD2 (New Jersey)
Posts: 58

Posted:

DOES ANYONE HAVE KNOWLEDGE OF ANY PUBLICATIONS OR BOOKS THAT
INCLUDE ALL OF THE PROPER ACCOUNING PROCEDURES THAT A HOA MUST FOLLOW TO BE IN ACCORD WITH LEGAL GAAP, FSAP AND IRS RULES

RogerB (Colorado)
Posts: 5,067

Posted:

Frank, any basic accounting text book should suffice for GAAP. Contact your local library. If they don't have one they can probably get one on loan. In 2005 Colorado statutes (CCIOA) added GAPP reqirement. But in 2006 it was deleted (bad move).

For HOA bookkeeping knowledge of FSAP is not needed. IRS guidelines are very limited and can probably be found by a search engine like google.com. Attached are some notes we developed related to IRS.

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MichelleJ2 (Nevada)
Posts: 1

Posted:

Check www.CAIONLINE.com that is the main website of Community Association Institute. They have resources available that are geared for community assocation's specific issues. These resources are available to managers, companies and board memebers for sure. I also think any resident can access them. If they don't have exactly what you're looking for they can point you in the right direction.

JosephW (Michigan)
Posts: 882

Posted:

You can find a large number of articles regarding association financial issues at:

http://www.communityassociations.net/finance_taxes_main.html

Joe

Joseph West
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Community Associations Network, LLC
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KentS (Maryland)
Posts: 12

Posted:

The best publication for this is "Guide to Homeowners Associations and Other Common Interest Realty Associations" by Practioners Publishing Company (ISBN 1-56433-677-8/ 1-56433-678-6. This 3-volume publication is not inexpensive but every HOA should have a copy in my opinion. The American Institute of Certified Public Accountants also has publications on auditing Common Interest Realty Associations and preparation of financial statements for them. You may be able to order these through the Commerce Clearing House if you cannot get them through the AICPA.

Maryland CPA

DonN (Michigan)
Posts: 357

Posted:

The highest level GAAP (next to the top) is the AICPA Audit and Accounting Guide for Common Interest Realty Associations. Do an internet search on "Common Interest Realty Associations". You will get about 14,000 hits. The AICPA link begins with "https://www.cpa2biz", which links to the latest version of the A&A Guide. A Radford University paper is an excellent resource available at
.

The site posted by JosephW above is an excellent resource.

Don Nordeen
Governance of Property Owners Associations

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