Master & Sub Associations

Started by NancyM27 • 6 replies • 378 views

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NancyM27 (Florida)
Posts: 2

Posted:

Question:

I have 1 master community 6 sub communities

All have different EIN numbers and separate banks - Should I set up my software - where each association is its own entity or can I combine the whole Association and use cost centers and my GL Accounts)

Just setting up Community in software - wanted a little feed back -

MaxB4
Posts: 3,513

Posted:

I don't know how to answer that as I'm ROTFLMAO.

MaxB4
Posts: 3,513

Posted:

Seriously, you should be talking with your software company.

BillH10 (Texas)
Posts: 1,217

Posted:

You should be discussing this with the CPA or multiple CPAs used by these communities as your question has financial reporting, fiduciary responsibility, and tax reporting implications.

NancyM27 (Florida)
Posts: 2

Posted:

Yes, I have a call into to local CPA - but thought I would see if anyone had any ideas, if they had any positive feedback - its only 100 homes lol

Thank you for taking the time to answer

CarissaM
Posts: 119

Posted:

Quote:

Posted By NancyM27 on 07/14/2021 9:54 PM
Question:

I have 1 master community 6 sub communities

All have different EIN numbers and separate banks - Should I set up my software - where each association is its own entity or can I combine the whole Association and use cost centers and my GL Accounts)

Just setting up Community in software - wanted a little feed back -

If they all have different EIN's I would setup each association as its own entity rather than trying to track by cost centers. I think from a GAAP standpoint that is your best bet.

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