At Davis & Associates CPA's, we provide dependable accounting services for Homeowners and Condominium Associations. While there are many moving parts in financially managing an Association, our team is able to balance them efficiently to ensure cohesive administration of policy, account reconciliation, and data analysis. Our services are especially established for low, mid-rise and high-rise condominiums; homeowner, sub and master associations; timeshares, and developer controlled associations.
Financial Statements Required By Florida Law
Our CPA firm can assist you in preparing the annual financial statements required by Florida Statutes. Your Association is required to prepare financials statements that are reported on by a CPA firm with various levels of assurances, depending on your Association's annual revenues. Whether you are required to have your financial statements audited, reviewed and compiled, we can help to make the process simple and less time-consuming. You can also be assured your financial statements are prepared using the required generally accepted accounting principles
Audits are especially important for Associations when control is turned over from the developer to the members. When your Association has a turnover audit from Davis & Associates CPA's, you can be sure the developer is not delinquent in its financial obligations to the Association when the development is handed over to members.
Tax Services for HOAs
When it comes to filing taxes for your Association, you are in good hands with our qualified accounting team. Well-versed in the specifics of your entity type, as well as federal and state tax regulations, we provide preparation of Form 1120-H or Form 1120, depending on certain criteria. If you aren’t sure whether your flat tax rate is 15% or 30%, and which form best suits your Association, our team can help. We help you determine ways to avoid overpayment of taxation, while staying in-line with all applicable regulations and laws.
What our HOA Accountants can do for You
Similar to what we offer for small businesses of any type, our services can be provided on a basis that best suits your needs; annually, monthly, or quarterly. With specialized knowledge in the factors that contribute to a well-operated Association, our accountants are equipped to handle all of the following:
• Invoicing assessments
• Tracking accounts receivable
• Banking/lock box system setup up and integration with your accounting program
• Maintaining collection policies
• Coordinating with attorneys regarding delinquent owners
• Preparing weekly and bi-monthly payables
• Monthly reconciliation of all accounts
• Monthly financial reports formatted for individual communities
• Budget analysis, preparation, and management, including reserves
• Complete payroll processing
Our services are structured to be as comprehensive as possible, thus ensuring all of the time-consuming operational components of your Association are efficiently handled. If you need help managing your reserves, we can help you make the important decision regarding the newer method of pooling or the traditional straight-line funding approach. Additional Association services from our team include auto-pay (ACH) set-up for community owners and estoppel reports as needed.
We are Trusted Homeowners and Condominium Association Accountants.
Contact Us Today!
Davis & Associates CPA's holds memberships in COMA of Florida (Community Owners - Managers - Associates), BMI Collier Chapter of Southwest Florida (Building Managers International), and CAMMI (Community Association Managers of Marco Island). We are your trusted partner for accounting that fits the needs of your HOA and CIRA. To schedule your consultation with our accounting and tax professionals, contact any one of our offices to get started.