Frequently Asked Questions

What is required for an independent CPA review to be completed?

Associations requiring a review would need to be able to provide but not limited to the following items:

• Year end balance sheet and revenues & expenditures (profit & loss) statement
  
• Year end bank statements and bank reconciliations
  
• Year end accounts receivable and payable schedules that equal the amounts on the balance sheet
  
• Prior year end balance sheet and profit & loss statement, as well as CPA financial statements and tax return, if available
  
• Board minutes, if available
  

What is required for the completion of an association federal tax return?

In order to complete a standard Form 1120-H association federal tax return, the following is required:

• Association's tax ID number (If the association doesn't have one, we can assist in obtaining one)
  
• Association's year end profit & loss statement
  

Note: if the association has a significant amount of non-membership income (typically interest income), then it may be beneficial for the association to file a more complex Form 1120, which would require the association's balance sheet.