Being a member of the Board of Directors for your homeowners association means having an immense financial obligation to your community. Your job will can easily become convoluted if financial records and reports are illegible or inaccurate, - and if you are not prepared—can be overwhelming. Because of this, it is essential that you’re able to decipher and analyze these reports in order to prepare your HOA for homeowner bankruptcy, common area maintenance and repair, or financial dishonesty amongst board members and other HOA employees.
Whether your HOA’s governing documents require it or not, it is often recommended that associations with a large cash flow get an annual audit. At McSoley McCoy, we have extensive experience and audit more than 50 Homeowner’s Associations.