Annual audit ? Bookkeeping? Reserve studies?
From: Joani Blank (joaniswansway.com)
Date: Thu, 22 Dec 2011 14:56:08 -0800 (PST)
For those of you whose community is structured as condominiums or another sort of planned unit development, does your homeowner's association have an annual audit by a CPA? And if so, what is the approximate cost of that audit?

If you do not have an annual audit, your bookkeeper undoubtedly reviews the year's financial affairs in order to provide a report to all the homeowners. He or she may also file a tax return for you and complete any state reports required of homeowners' associations in your state. Do you use an outside bookkeeper or are you lucky enough to have a community member who keeps the books for your HOA as all or part of his or her share of the work that we share. Finally, if you do pay an outside bookkeeper for all or part of the bookkeeping work how much is she or he paid annually?

While I'm at it, one more money related question. Does your state require that your HOA have a [replacement] reserve study every X years? If so, how often are you supposed to have one? Do you have a reserve study as often as required by law OR have you had reserve studies, but less frequently (if less frequently, about how often)? Finally, again, how much do you typically pay the person who does the reserve study.

Joani Blank
Swan's Market Cohouising
Oakland CA

p.s. I think your responses to this post will be of interest to others. But I no longer read posts to this listserve regularly like I used to, so I'd much appreciate your also sending a copy of anything you post to the list in response to these questionsto me at joani [at] swansway.com

p.p.s. Remember to tell us which state you are in even if you know that I know where your community is located, because others reading your response may not be familiar with as many cohousing communities as I am...(I've lived in two for a total of almost 20 years, and visited 72 others.

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