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Subject: Master & Sub Associations
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Author Messages
NancyM27
(Florida)

Posts:2


07/14/2021 9:54 PM  
Question:

I have 1 master community 6 sub communities

All have different EIN numbers and separate banks - Should I set up my software - where each association is its own entity or can I combine the whole Association and use cost centers and my GL Accounts)

Just setting up Community in software - wanted a little feed back -
MaxB4
(California)

Posts:1614


07/14/2021 11:12 PM  
I don't know how to answer that as I'm ROTFLMAO.
MaxB4
(California)

Posts:1614


07/14/2021 11:16 PM  
Seriously, you should be talking with your software company.
BillH10
(Texas)

Posts:786


07/15/2021 3:51 AM  
You should be discussing this with the CPA or multiple CPAs used by these communities as your question has financial reporting, fiduciary responsibility, and tax reporting implications.
NancyM27
(Florida)

Posts:2


07/15/2021 4:58 AM  
Yes, I have a call into to local CPA - but thought I would see if anyone had any ideas, if they had any positive feedback - its only 100 homes lol

Thank you for taking the time to answer
CarissaM


Posts:0


07/15/2021 7:42 AM  
Posted By NancyM27 on 07/14/2021 9:54 PM
Question:

I have 1 master community 6 sub communities

All have different EIN numbers and separate banks - Should I set up my software - where each association is its own entity or can I combine the whole Association and use cost centers and my GL Accounts)

Just setting up Community in software - wanted a little feed back -




If they all have different EIN's I would setup each association as its own entity rather than trying to track by cost centers. I think from a GAAP standpoint that is your best bet.
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Forums > Homeowner Association > HOA Discussions > Master & Sub Associations



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