COMMUNITY ASSOCIATIONs
Community Associations include various residential and commercial entities, including Homeowners Associations, Condominium Associations, Commercial Condominium Associations, Timeshares, and other similar arrangements. They are sometimes known as “common interest realty associations.” Community Associations have unique challenges with governance, financial reporting, and management.
Comer Nowling has assembled a team of highly experienced accountants dedicated to providing audit, tax, and accounting services to all types of community associations. We provide these services to over 600 homeowners and condominium associations and have done so for over 20 years.
By using more experienced personnel in the field, providing our accountants with advanced accounting software, and minimizing review procedures required in our offices, we are able to dramatically improve accounting service efficiency.
We will provide you with insightful ideas for:
- Minimizing your audit, review, or compilation fees.
- Improving budgeting and reserve planning.
- Minimizing your tax liability by comparing filing as a Corporation (1120) versus filing as a Community Association (1120H).
- Preparing required financial statement disclosures for funding major repairs and replacements.
In addition, we can provide important accounting and tax guidance to new community associations, which are just beginning the transition from developer to community management.
As long-standing members of the Community Association Institute (CAI) and the American Institute of Certified Public Accountants (AICPA), Comer Nowling stays up to date regarding changes in the legal and professional guidelines of the Community Association Industry.
