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Accounting, Auditing & Bookkeeping

Fraud Is On The Rise & Your Accounts Could Be At Risk!

Fraud Is On The Rise & Your Accounts Could Be At Risk!

DO YOU KNOW WHO has access to your funds and what steps to take to protect your assets? Over the last couple of years, we have seen fraud and the attempt at fraud nearly double. Following are tips on how to be a good steward of association funds and fulfill your fiduciary duty.

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Efficient Audits

Efficient Audits

ASSOCIATIONS WITH DECEMBER 31ST YEAR ENDS make up a large share of annual audits. There is often intense pressure on managers, accounting departments and audit firms to complete accurate and complete audits in a timely fashion. Completing an efficient audit requires strong communication and sharing of information.

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Fund Accounting For Associations

Fund Accounting For Associations

Whether preparing an annual budget or a reserve study, it is important to know how much money is available to spend and where the money is saved and recorded. Maintaining separate bank accounts for operating expenses or for reserves activities is both required by some statutes, and highly recommended. Having a bank account for each type of fund is a great place to start separating each fund’s financial activity.

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Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 6: FUND ACCOUNTING FOR ASSESSMENTS & EXPENSES

Community associations use a system of accounting called fund accounting. As with non-profits and charities, the entity is collecting money for specific purposes, and should account for specific financial activity in pre-determined funds.

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Reading Financial Statements Series© – Balance Sheet Part 5: PREPAID EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 5: PREPAID EXPENSES

Another part of a financial statement deals with prepaid expenses. A prepaid expense is an expense an association has paid in advance. It is an asset of the association. The most common prepaid expense is an association’s annual insurance premium.

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Reading Financial Statements Series© – Balance Sheet Part 4: ACCOUNTS PAYABLE & ACCRUED EXPENSES

Reading Financial Statements Series© – Balance Sheet Part 4: ACCOUNTS PAYABLE & ACCRUED EXPENSES

Now we come to the part of a financial statement that deals with accounts payable and accrued expenses. A payable is something the association owes to another entity or person. It is a liability of the association.

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Chapter Magazine

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Nov/Dec 2022 Issue

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