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  • Writer's picturejdiaz0597

Providing Financial Reports for Condo or HOA

As you know being a Board of Director and providing a financial report to your  members is probably one  of the biggest obligations you have to your community .  Which financial statement your association must prepare depends on its total annual revenues:

Total Annual Revenues Type of Financial Statement Required:

$150,000 - $299,999

Compiled financial statements

$300,000 - $499,999

Reviewed financial statements

$500,000 and above

Audited financial statements It's important to review your governing documents for a number of reasons most notably if a waiver of a financial reporting is being considered or if the documents requires  an in depth financial statement.  A CPA can provide HOA/Condos with a variety of financial options in order to help operate more effectively this important decision.

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