Cagianut & Company CPA HOA Accounting Seminar for Accountants.

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Off to the Races! Cagianut & Company CPA HOA Accounting Seminar for Accountants

Transcript of Cagianut & Company CPA HOA Accounting Seminar for Accountants.

Page 1: Cagianut & Company CPA HOA Accounting Seminar for Accountants.

Off to theRaces!

Cagianut & Company CPA

HOA Accounting Seminar for Accountants

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What I learned at the Kentucky Oaks~

» While not as well recognized as the Derby, the locals know that it is the race to watch!Often times, accountants are underappreciated and underestimated…aren’t we??

» Enjoy it while the sun shines~You never know when the “weather” (or Board)will change ~

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What I learned at the Kentucky Oaks ~

» A longshot can win!Everyone has a chance – Get out there and race…

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Staying in the Lead ~Going Electronic – Moving Away from Paper –Panel8:45-9:15

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Going Electronic

» Panel Members˃ Jacque Haynes – CWD˃ Ron Rice – The Management Trust -CDC˃ Christine Fraser – Pinnacle

We are finding more and more of our clients are going paperless. » 40% of management companies fye 12/31/12 audits» 50% of management companies fye 12/31/13 auditsWhat works? What doesn’t? What tips do our panelists have for us?

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What hardware/software are you using? What items are you scanning now? What percentage of an Association’s records

are electronic now? Do you have plans to scan more items later? (If

not 100% electronic) Do you shred the original after scanning? Who has access to these scanned documents?

Is it limited based on the type of document? If so, how do they handle security, etc?

What tips do you have for us? Questions????

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The race is on!

Audits – Best Practices9:15 – 9:45

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Posting Adjusting Journal EntriesTo do? Not to do? How to do?

Sheriff’s Sales

Controls on other income (e.g. Move In/Out Fees, Guest Suite, Transfer Fees)

Look at the audit process from a “best practices” viewpoint. How can you use the audit to improve your accounting processes and protect your association’s assets?Best Practice handoutTips handoutUsing the Report of Internal Control as a tool

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Picking the winner

Replacement Fund AccountingUnderstanding the Options9:45 – 10:15

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Washington RCW disclosure requirement

RSI (Required Supplementary Information) – Why auditors ask the questions we askChanges between reserve studies – be

able to explain the reasons for the changes

“Accepted” reserve studies as RSI

Fund accounting and other options

Reconciling “Due Between Funds”

Reserve vs. operating expenses

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The Winner’s Circle!

Special Assessments & Loans10:30 – 11:30

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Special Assessments and Loans

» Panel Members˃ Jacque Haynes – CWD˃ Jon Eidukas - Morris˃Kevin Ducotey – Condominium Mgmt˃Heather Collins - SUHRCO

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o What are the pitfalls and traps to avoid when considering special assessments…especially those tied to loans?

o What to know BEFORE you start the process and what you need to have in place DURING the time it is ongoing.

o What are accounting presentation options – Use Reserve Fund? Set up 3rd Fund? Set up separate set of books?

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Finish Line

These materials and other presentations & FAQs can be found on:

www.hoacpa.com