1. Review of Financial Statements.
This involves checking the accuracy and completeness of the HOA's income, expenses, assets, and liabilities.
2. Examination of Bank Reconciliations.
This ensures that the HOA's bank statements align with its financial records, highlighting any discrepancies.
3. Verification of Reserve Funds.
This confirms that the HOA has set aside sufficient funds for long-term repairs and emergencies.
4. Analysis of Accounts Receivable.
This checks for outstanding dues or fees owed to the HOA and ensures efficient collection processes.
5. Assessment of Accounts Payable.
This reviews outstanding bills and payments due by the HOA, ensuring timely settlements.
6. Inspection of Tax Compliance.
This verifies that the HOA is adhering to all relevant tax laws and filing requirements.
7. Evaluation of Budget Compliance.
This assesses whether the HOA is operating within its budget and identifies any over-expenditures.
8. Check on Insurance Policies.
This ensures that the HOA has adequate insurance coverage for liabilities and property.
9. Review of Contract Agreements.
This examines all contracts the HOA has entered into, ensuring they are valid and beneficial.
10. Assessment of Board Meeting Minutes.
This involves reviewing the minutes of board meetings for decision-making processes and compliance with bylaws.