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  • Writer's picturejdiaz0597

4 Easy Ways to Read your HOA/Condo Financials

Most Financial statements are prepared for Board of Directors by CPA, accounting firms or other groups of personnel. The purpose is to give owners an idea of the flow and management of monthly/quarterly funds of the community. It's important if you don't understand an allocation or expenditure, ask questions.

1.Identify the period being reported usually located on the upper portion of the report.

2.Review the Balance Sheet. This lists assets and liabilities of the company. Assets include cash, investments, and other valued items. Balance Sheet will also include Liabilities which are also debts.

3. Review Income Statement: This will reflect how much income was brought into the company and how much was deducted for the specified period.

4. Cash Flow Statement: This statement gives a glimpse of how cash was used in order for the Corp to reach a profit or a loss. #associationfinancials #HOAbalancesheets

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