Hoa Financial Statement Template

The next is the profit and loss statements for the operating and reserve accounts.

Hoa financial statement template. The following four condo hoa financial reports are vital tools for protection of association assets control and planning. But whether you like it or not as a board member you have the responsibility of understanding what the numbers mean to help. The last is the latest account statements of the financial institution where hoa accounts are maintained. The third is a reconciliation of the operating account and the fourth is a current reconciliation of the reserve account.

So the following is our top 4 financial reports for hoas and condo communities. As a board member you have a fiduciary responsibility to exercise due care and diligence when overseeing the community and its funds. There are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local regulations. Under the accrual basis all financial activities of your hoa are reported on the homeowners associations financial statements.

Board members have a responsibility to understand financial interim statements to guide the associations financial course. Abc condominium homeowners association financial summary march 1 2014 to march 31 2014 the financial summary shall serve as a brief overview of the financial statement for the month ending march 31 2014 financial summary balance sheet overview the abc homeowner association total assets are. Beaver run homeowners association page two opinion in our opinion the financial statements referred to above present fairly in all material respects the financial position of beaver run homeowners association as of december 31 2014 and 2013 and the results of its. When it comes to your hoas monthly quarterly and yearly financial statements the outcome is largely dependent upon which type of accounting method is used by your hoa.

Accrual accounting is generally regarded as the superior accounting method since it gives a more complete picture of you hoas financial health and status than the cash or modified accrual methods. 4 sample condominium statements of operations and changes in members equity for the years ended december 31 2010 2009 income common charges note 2e 750754 750754 late charges 4150 5700 moving fees 1600 9825. Hoa accounting cheat sheet for basic financial statements accounting in a homeowners association is an important but often tedious task and usually something that board members dont all jump up at once to help oversee. This job can be complicated by inaccurate or incomplete financial reports.

When it comes to your hoa s monthly quarterly and yearly financial statements the outcome is largely dependent upon which type of accounting method is used by your hoathere are three different types of accounting methods that can be utilized which are often determined by the size of the organization or by state and local regulations.