Specialized Accounting Expertise for Homeowners Associations & Condominium Associations
Your homeowners’ association needs a CPA and accounting firm uniquely qualified to support its condominium needs. At Bruno P.C., one of our areas of expertise is condominium and HOA associations. As such, we stay current on association developments and issues to ensure that you receive the highest quality service and expert guidance.
We know how well-managed homeowners organizations operate, and are intimately familiar with Massachusetts statutes relating to the industry. We can apply this knowledge to help your association achieve or surpass industry financial benchmarks by providing quality financial statements and sound business advice.
We provide accounting, taxation, and management consulting services to condominium associations and unit owners throughout Massachusetts. Condos and HOAs have very complex and specific tax rules, and we make sure you are fully compliant with them and understand all your options and requirements.
As financial professionals, we work with our association clients in three important ways:
- We assist all stakeholders in understanding the association’s financial picture, so they can make intelligent, well-informed decisions.
- We help the board of directors fulfill its fiduciary responsibilities by assessing the adequacy of the association’s accounting procedures and internal controls. We familiarize the treasurer with the statutory requirements of the position, and offer advice as to the functions of the treasurer’s office.
- We provide peace of mind by managing any or all aspects of your association’s accounting needs.
More specifically, we provide financial advice and guidance in these areas:
- Financial Management – We handle the day-to-day financial responsibilities of associations, from invoicing unit owners and managing delinquent accounts to collecting/depositing assessments, paying vendors, and issuing monthly reports to the Board for their review. We understand the unique association requirements for financial statement presentations, and can assist with compiled, reviewed, or audited statements.
- Budgets/Reserve Expenditures – We offer guidance on preparation of annual budgets, and are available to consult on alternatives for financing large reserve expenditures.
- Tax Planning – We ensure that our clients pay the least amount of taxes legally due, while taking precautions to minimize risk of audit.
As members of the Community Associations Institute (CAI), we have the expertise and experience required to support your association’s needs. No account is too large or too small. We are proud to assist condominiums with a handful of owners, as well as some of the area’s biggest associations. Contact us today and request a free consultation.