How to Read Your Association’s Financial Reports (and Fulfill Your Fiduciary Duty)
An HOAleader.com Webinar for Condo and HOA Boards
Thursday, January 18, 2024
2-3 p.m. Eastern
Nobody expects you, as a board member, to be a CPA or a super-high-level financial whiz. But to fulfill your fiduciary duties, you do need to be able to understand your association’s financial statements, ask good questions about its financial status, and spot potential problems.
And in the past four years, these skills have become all the more complicated by the financial stressors COVID-19 placed on you, combined with the hyper-focus on deferred maintenance that has emerged in the wake of the Surfside, Fla., condo collapse—along with today’s stubborn inflation.
This webinar, led by two community association management experts, will help get you there. These two veteran industry leaders will cover:
- The major financial reports for community associations and what each shows you, from balance sheet and cash flow to bank statements, check stubs, and credit card statements
- Common issues that arise throughout the year, such as what to do when your budget varies from its original figures
- The difference between cash and accrual accounting and why it matters
- How condo/HOA finances have changed for communities in times of COVID, including new budget line items you should consider
- How to spot potential fraud (Hint: You need to look not just at bank statements but also financial reports, for instance)
- The role of your advisors:
- Bookkeeper and CPA (is every bookkeeper a CPA? Is every CPA a bookkeeper? Does it matter?)
- Tax advisor
- Other financial professionals you might want to consider adding to your team, along with where to draw lines between the advisors’ roles)
- What you need to know to understand investment reports and reserve reports
- The differences when it comes to financials for self-managed HOAs
- Recordkeeping: What’s public, what gets shared with members, what just gets summarized, and what doesn’t get shared at all?
In just one hour, you’ll get the information you need to begin confidently reviewing financial reports for your association and identifying when something doesn’t seem right. Register now for this informative event for community association board members.