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HOA Financial Statements: Uncovering the Hidden Risks & Opportunities

/ Owner - January 1, 2018

Members of a condominium or co-op homeowners’ association (HOA) have a fiduciary responsibility to manage their community’s funds wisely, and to protect the financial interests of all owner/shareholders. Breaching this duty carries the real probability of penalties and legal action against the HOA, and potentially against individual board members themselves.  Despite the gravity of this responsibility, many HOA boards rely solely on the numbers on their financial statements to measure and define their success. What they don’t realize is that even more valuable information can be uncovered through the audit process – including hidden risks and cost-savings opportunities – that can help them uphold their fiduciary role.     Read the article……………….

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