Get 2 months of free community web site hosting from Community123.com!
Thursday, August 22, 2019
Get 2 months of free community web site hosting from Community123.com!
Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.
Subject: Need CPA to conduct financial review
Prev Next
Please login to post a reply (click Member Login on the menu).
Author Messages
DennisG7
(Georgia)

Posts:93


04/23/2019 8:45 AM  
Last night our HOA Treasurer spoke with me about getting a CPA to look at our books. This is a concern that I have raised with the BOD during the past 3-4 years. We have NEVER had an audit or a financial review over the 19 years we have existed. I had previously pointed out to the BOD a number of items that things didn't add up in our monthly income/expenses. Until last night I had been nicely rebuffed regarding my concerns. Now they are asking me if I can recommend a CPA that can review the past couple of years of books. Does anyone have a suggestion as to where I should look in the metro Atlanta area?? Thanks.
DennisG7
BillH10
(Texas)

Posts:384


04/23/2019 10:50 AM  
Dennis, contact the local offices of CAI--Community Associations Institute. It is a professional organization for association managers, board members, other professionals, etc.

They undoubtedly have CPA members in the Atlanta area who have HOA focused practices.
TimB4
(Virginia)

Posts:16414


04/23/2019 3:17 PM  
Perform an internet search for CPAs in your town.
I then sent an email proposal to selected ones for pricing.

First, you need to decide if you want an audit or financial review.

See: Subject: Financial Audits, Reviews or Compilation Which do you use?

a thread in this forum.
MarkM19
(Texas)

Posts:371


04/23/2019 9:18 PM  
Dennis,
A few years ago a new board member asked for board to hire have forensic audit of the board finances. I was the treasurer for 4 years before becoming president and felt pretty confident that I had a good idea of our finances as I had really did a deep dive and uncovered many issues as treasurer. At first I was against spending the money to do the audit but I eventually agreed because who knows what a professional might uncover. If my memory serves me it was about $3500 for this audit. They did a detailed report and then came and addressed the HOs in attendance at the next meeting. They went through the prior PMC and the current PMCs books and gave us a clean bill of health. What a relief it was to know that we were not being taken advantage of by PMCs.

I say if you have nothing to hide then hide nothing. Let the community know what the costs are for this deep dive and what the benefits may be. Ultimately it is a board decision and you will have to live with the pros and cons of the results.

I would think that any financial institution would be able to perform this task as long as they have no affiliation with the PMC.
NpS
(Pennsylvania)

Posts:3583


04/23/2019 9:34 PM  
Here's a link to "find a CPA" page of the Georgia Society of CPAs:

http://www.gscpa.org/public/referral/findcpa.aspx

Enter your geographic region
Select "homeowners association" for industry served
Select "auditing" for services offered
Spin the wheel and win a kewpie doll. (a.k.a. click "search")

Sikubali jukumu. Read all posts at your own risk.
DennisG7
(Georgia)

Posts:93


04/24/2019 10:52 AM  
Thanks. I have gathered a list of CPA's in the metro Atlanta area that indicates they do financial reviews/audits. I'll present it to the BOD/treasuer this week. We'll see what they do. Thanks again.
SueW6
(Michigan)

Posts:530


04/24/2019 1:24 PM  
An audit “review “ is quite different from an “audit”

Be sure you are explained the difference and the cost for each.
Please login to post a reply (click Member Login on the menu).
Forums > Homeowner Association > HOA Discussions > Need CPA to conduct financial review



Get 2 months of free community web site hosting from Community123.com!



News Articles Provided by: Community Associations Network
News, articles and blogs about condos/HOA's

Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.







General Legal Notice:  The content of forum messages are from the posting member and have not been reviewed nor endorsed by HOATalk.com.  Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship.  Readers should not act upon this information without seeking professional counsel.  HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional.  HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
HindmanSanchez Legal Notice:  (For messages posted by HindmanSanchez) This message has been prepared by HindmanSanchez for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Members of HOATalk.com should not act on this information without seeking professional counsel. Please do not send us confidential information unless you speak with one of our attorneys and get authorization to send that information to us. If you wish to initiate possible representation, please contact an attorney in our firm. Our attorneys are licensed to practice law in the state of Colorado only.

Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of HOATalk.com should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a HOATalk.com official sponsor and is identified as such in the posted message or on our sponsor page.)

Copyright HOA Talk.com, A Service of Community123 LLC ( Homeowners Association Discussions )   Terms Of Use  Privacy Statement