Does Your Community Association Need an Audit?

If you read our articles, you may remember some of these financial horror stories:  Board member skims thousands of dollars from dues payments.  Vendor double-bills pool maintenance expenses. Property manager steals $300,000 by fabricating financial statements. Developer empties the reserve fund to cover operating expenses.   Even the most active, cautious board can suffer financial mishaps. [...]

You may not owe, but you still need to file!  Especially with self-managed communities, there seems to be a lot of confusion and questions about community association taxes and tax returns. The bottom line is that community associations need to file federal tax returns, and most are now due on April 15 each year. The [...]