We can save your Association money! Based on your Associations annual revenues, it is required that an annual set of financial statements are prepared in accordance with generally accepted accounting principles as adopted by the Board of Accountancy..
The 2018 Florida Statutes sections 718.111(12) and 720.303(7) outline these reporting requirements based on annual revenues. The financial statements shall be based on the associations’ annual revenues as follows:
An association with total annual revenues of greater than $150,000 but less than $300,000 shall prepare COMPILED financial statements.
An association with total annual revenues of at least $300,000 but less than $500,000 shall prepare REVIEWED financial statements.
An association with total annual revenues of $500,000 or more shall prepare AUDITED financial statements.
Here is a brief overview of each level of financial statement reporting:
COMPILED – This is the most basic report where our CPA firm will review the HOA’s financials, checking for blatant errors. A compilation report comes with “no assurance” which means we offer no guarantee that the financials are accurate.
REVIEWED – This report includes everything a compilation report includes, but also has analysis of the financials, which offers “limited assurance” that the records are accurate.
AUDITED – This report will cover all of the above and will take it a step further. An audit will include verification of Assets, Liabilities, a review of board meeting minutes, financial reporting policies, existence of related party relationships, etc. An audit report expresses an opinion on whether the financials are accurate with “positive assurance”.
We will work with you on your financial statements, tax filings, and will be available year-round to serve your Associations’ needs. We are looking to establish long-term working relationships with Associations just like yours, starting today!
We are an experienced Certified Public Accounting (CPA) firm with years of experience working with various Associations preparing financial statements and tax filings in a timely manner. Commitment to Convenience, Pricing and Accuracy are the differentiators that make us stand out from other CPA firms.
Call Brian Davis CPA, P.A. today at (954) 334-5868 if you have any questions or wish to make an appointment. We look forward to serving you.