Is Your HOA Meeting Its Responsibilities Concerning Financial Statements?

State laws and the governing documents for homeowners associations impose requirements for the preparation and distribution of financial statements for the association. Financial statements are documents that detail the association’s financial activities and identify the association’s income and expenses during a stated time frame.

Although the ultimate responsibility for preparation of financial statements falls on the association’s board of directors, as a practical matter they are typically prepared by accountants retained by the[…]