CERTIFIED PUBLIC ACCOUNTANT (CPA)
While the treasurer is responsible for the association funds and maintaining all the board's
financial records, many associations continue to be required—both by their governing
documents and law—to engage the services of a Certified Public Accountant (CPA).
The right third-party CPA is an invaluable asset and will ensure financial accuracy, eliminate
bias, and confirm your association adheres to all regulations. Your CPA will help conduct
audits, prepare tax returns and annual financial reports, report results to community
members, and more.
3 Questions to Ask When Selecting a CPA for Your HOA
As with any service provider, it's essential to do your homework before partnering with a
CPA—especially during tax time. If your association doesn't have a CPA, ask these questions
during the hiring process:
1. Do you have experience with HOAs?
Understanding the ins and outs of HOAs can be complicated, so it's important to find
a CPA who specializes in the community association industry. When choosing a CPA,
have them detail their experience with HOAs, provide references from similar-sized
communities, and ask about any designations or credentials that would qualify them to
represent your community.
2. How much are your tax services?
Ask about the CPA's annual fee for tax preparation, as well as their firm's fee increase
history. You don't want any surprises during tax time.
3. Do you have time to take on another client?
It's no secret that CPAs are very busy during the first four months of the year. Make sure
he or she has the time and ability to provide tax services for your HOA. There can be
penalties if you don't file a tax return annually.
