JohnG15 (Pennsylvania)
Posts: 1
Posts: 1
Posted:
Where can I get basic info on managing hoa finances. For example, how to handle net income at the end of the year, surplus or loss
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financial info
Started by JohnG15 • 6 replies • 1304 views
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TracieS (Colorado)
Posts: 460
Posts: 460
Posted:
I got lots of books from my local library from the CAI... Community Associations Institute? Lots of books on how to hold a meeting, how to handle finances, etc.
LarryK1 (Washington)
Posts: 32
Posts: 32
Posted:
I would recommend the free Financial Operations best practices report, available at:
http://tinyurl.com/nz8qqc
http://tinyurl.com/nz8qqc
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
John,
Whether there is a net loss or a net gain at year's end, an adjusting entry can be made to record the amount to retained earnings. If there is a net gain another adjusting entry can be made to transfer the amount of the net gain from the operating account to the reserve account.
Whether there is a net loss or a net gain at year's end, an adjusting entry can be made to record the amount to retained earnings. If there is a net gain another adjusting entry can be made to transfer the amount of the net gain from the operating account to the reserve account.
TamaraH1
Posts: 8
Posts: 8
Posted:
I was apart of the CAI "Community Association Institute" they can help you.
You can get information by calling them.
They are in Alexandria, Virginia
Ph# (888) 224-4321
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
Whether or not the surplus can be put in reserves depends on the CC&R's and any applicable state law. For instance before OH changed the law to allow the surplus to be moved into reserves our documents mandated that it be returned to the homeowners in the form of lower assessments until it was used up. Likewise any shortfall is to be divided up among the H/O as an additional assessment over six months.
Studies show that 5 out of 4 people have problems with fractions
DonN (Michigan)
Posts: 357
Posts: 357
Posted:
I believe the highest level accounting "standard" is the AICPA Audit and Accounting Guide for Common Interest Realty Associations. It is available from AICPA and CAI (Community Associations Institute).
Don Nordeen
Governance of Property Owners Associations
Governance of Property Owners Associations
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