Re: Annual audit ? Bookkeeping? Reserve studies?
From: Diana Carroll (dianaecarrollgmail.com)
Date: Thu, 22 Dec 2011 15:05:52 -0800 (PST)
Oh, forgot to also mention that our first year filing taxes (last year) we
hired a CPA to do it.  It turned out to be pretty straight-forward and
following his model, we filed our own taxes this year.  (Prepared by me,
and reviewed by another member of the board of trustees, who is backup
bookkeeper.)



On Thu, Dec 22, 2011 at 6:02 PM, Diana Carroll <dianaecarroll [at] 
gmail.com>wrote:

> I'm the primary bookkeeper for Mosaic Commons.  We looked into having
> professional bookkeeping services but it didn't work out for us.  It took
> some work for me to get everything set up but at this point I spend,
> perhaps, 5 hours a month for regular book keeping, and then a lot more time
> than that preparing for our annual budget planning and review.  I don't
> dare think about how much time I spend on that, I might get depressed.  :-)
>
> Our association is 34 units.  Much bigger than that and I think it would
> probably go beyond what I could do.
>
> We have not yet had an audit.  At some point I will probably propose that,
> but no doubt it is pricey and money is always tight.
>
> We are in our third year and have not yet had a reserve study done but are
> planning one for next year.  I'm not aware of any state requirement to have
> them done at any particular interval.  (We are in MA.)
>
> Being as new as we are, many things are still being worked out, around
> finances as well as many other topics.  For instance, we are only now
> putting in policies and procedures for spending reserve funds!
>
> -Diana
>

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