Off to the Races!
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Transcript of Off to the Races!
Off to theRaces!
Cagianut & Company CPA
Accounting Seminar for Managers
What I learned at the Kentucky Derby ~
» Nothing interferes with the Race – 139 years and it hasn’t missed onceAccounting goes on month after month, year after year…there are really no excuses accepted!» You adapt!!If the “weather” changes, just put on your rain gearand show up!
What I learned at the Kentucky Derby ~
» You race through the mud!- Doesn’t matter how difficultthe task, you get on the horse and stay on until the finish line!Though it may take a stronger horse whenthe track is not smooth…
At the Starting Gate ~Going Electronic – Moving Away from Paper –Panel1:10 – 1:30
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 these panelists have for us?
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????
Off and Running…Reserve Study Requirements in Audits1:30 – 1:45
Washington RCW disclosure requirements
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
Rounding the turn…staying to the inside ~
Special Assessments & Loans1:45 – 2:15
Special Assessments and Loans
» Panel Members˃ Jacque Haynes – CWD˃ Jon Eidukas - Morris˃Kevin Ducotey – Condominium Mgmt˃Heather Collins - SUHRCO
What are the pitfalls and traps to avoid when considering special assessments…especially those tied to loans?
What to know BEFORE you start the process and what you need to have in place DURING the time it is ongoing.
And the winner is…
Best Practices in Associations– What did your audit tell you?2:15 – 2:30
What were key areas this year?Sheriff’s SalesControls 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
Are you betting against a B&O audit???? Improve your chances!2:30 – 3:30
Mark Hugh, CPA