The complete, up-to-date accounting, income tax and reserve study guide for California community association board members, and management professionals. Written in clear, concise “lay person” language the handbook provides practical advice on…
Financial accounting terminology, methods of accounting, financial state-ments and accountants’ reports, services provided by CPAs (audits, reviews, compilations, agreed-upon-procedures), checklist for how to select a CPA, AICPA/Cal State Society of CPAs peer review program, CPA engagement and representation letters, FASB Codification of accounting standards, change your association’s year end – how to do it, cash management guidelines, critical internal controls, frequently asked questions (FAQs), updated resources bibliography, financial statement survey of 2,157 community associations and more!
Income taxes terminology, Federal and California filing options (Forms 1120, 1120-H, 100, and 199 including due dates, where to file, eligibility, advantages and disadvantages), exemption from California minimum tax – how to do it, employee v. independent contractor issues, electronic tax deposits – how to do it, frequently asked questions (FAQs), updated resources bibliography, and more!
Future major repairs and replacements terminology, reserve study process flowchart, reserve component study, reserve funding plan, computation of annual reserve provision and liability, California pro forma operating budget require-ments and the assessment and reserve funding disclosure summary reporting requirements, how to measure the adequacy of your original developer budget and legal remedies if it is not adequate, percent funded survey of 1,254 community associations, frequently asked questions (FAQs), updated resources bibliography, and more!
Investments, banking, insurance and legal topics, including an updated invest-ment primer for community associations, updated bank loans – how to get one, bank lockbox services, updated insurance primer, updated legal disclosures checklist, record retention requirements, new bi-annual filings with the California Secretary of State and more!
Statistics and technology including updated community association demo-graphic statistics, financial statistics from survey of 1,500+ associations, updated listing of industry websites, access to records, records storage, digital document imaging of important association records and more!