Common Interest Realty Associations, the IRS name for homeowner associations, condominium associations, property owner associations, and time-share associations, are unique and complex in many aspects including their different types, the regulatory framework affecting them, and their creation, management, and governance. Additionally, changing laws, owners’ payments, and fluctuating expenses can affect the association’s financial situation and ability to meet its obligations to homeowners and third parties.
HOA Accounting Services Chicago
Odoni Partners’ staff of expert auditors and accountants understand the unique requirements, challenges and developments that affect an association’s management and governance, and help to bring a sense of stability to the situation for both managers and owners throughout Chicago and the State of Illinois.
Since financial reporting requirements are rigorous, our team of professionals are always up to date with the latest laws andregulations for CIRAs and will assist you ina variety ofareas, including tax issues resolution, tax and financialplanning,annual budget preparation,reserveand fundcalculations, and audit or review of financial statements. We also willhelp you implement an effective accounting and internal controlsystem that will allow you to function more accurately and efficiently.
HOA Audit Requirements
Common Interest Realty Associations are associations that are also known as the organization of property owners. The common interest realty associations are unique in that they are responsible for the maintenance and repair of properties, regulatory framework affecting properties, administration, governance, replacement of elements like condominiums, cooperative housing, timeshare units, and townhomes. Common Interest Realty Associations comprises of organizations that have the absolute right to make use of their living quarters and also share the total use of some specific properties with other property owners. However, the process of changing existing laws, owners’ payments, and fluctuating expenses on properties are factors that can affect the association’s financial situation and its ability to meet necessary obligations to homeowners and the third parties.
Odoni Partners is a certified public accounting and consulting firm that provide accounting, audits, tax, and financial planning services to various financial and realty associations. Based on the unique requirements, challenges, and developments that affect association’s management and governance, Odoni partners have in their possession, a team of fully committed professionals that have the deep knowledge and have the ability to bring a sense of stability to the situations for both the managers in this sector and the homeowners.
We are aware of how important, and rigorous financial reporting requirements may be; therefore, we have certified professionals that are well updated on the CIRAs lastest laws and regulation on tax issue resolution, tax financial planning, annual budget preparation, reserve and fund calculations, and audit or review of financial statements. Odoni Partners’ accounting and advisory staffs will also help you in the implementation of an effective accounting and internal control system that will allow you to function with a high sense of accuracy and efficiency.
Condo Association Audit Chicago
Areas of expertise:
- Condominiums, cooperatives, and planned communities: condominiums, cooperatives, and planned communities are important tools that enable developers to simplify complex projects and provide efficient management and quality services to owners. Odoni partners have a team of professionals that will structure the services properly from the onset by interpreting, amending, and rewriting the existing documents when necessary. This helps to avoid complications for developers, unit owners and community associations arising from common interest communities.
- Master-planned communities: Master-planned communities are communities that are distinguished majorly with a huge number of amenities to facilitate the conveniences of property owners in the communities. The certified professionals at Odoni partners render services by providing enabling the working environment to developers and unit owners.
- Mixed-use associations: Mixed-use association is a formation that is related to the mixed-use property. This type of association mix together the residential condominiums and commercial elements. It consists of a residential timeshare, retail, manufacturing or office condominium. Our team of professionals specializes in keeping the residents informed, provide access to important community information, budgeting, build a strong sense of community and management of the configurations these associations are broken down into for greater output.
- Business park associations: The business park associations are associations of park owners that provide services to manufacturers, retail and wholesales providers, realtors, financial institutions, and lots more. Odoni partners have the full knowledge of the business park association and therefore have well-equipped staffs to manage and provide quality services to the business park associations when consulted.
- Time-share associations: The time-share associations comprise of the users of time-share development, which are entitled to the right to use some accommodation or class of accommodations that involve either weekly or annual increment. Odoni partners will assist your association to protect, reserve and put the adequate measure to ensure that this exclusive right is properly maintained.
- Business improvement districts: The business improvement districts are a very important tool for improving the physical appearance and increasing the value of properties in areas where they are located. The BIDs are also responsible for the complete transformation of a neighborhood by increasing the real estate values. This also leads to an increment in the rent rates. Because of the benefits derived from instituting the business improvement districts, Odoni partners’ staffs will formulate a friendly policy that will be beneficial to both the business owners and the users by shifting the burden to low-income residents and small business owners.
- Special tax districts: The special tax districts services render in the firm involves the facilitation, monitoring, management and assisting in the fulfillment of the requirements in activities offered in the firm such as annual budgets, annual reports, board elections, boundary changes, levies, dissolutions, and formations. The firm has highly qualified professionals that are well equipped to handle these tasks with utmost priority and adequate care.
Do You Need HOA Audited Financial Statements?
Are you in need of a well-planned and trusted firm? Are you yearning to have an experience of the quality service rendered to the customers? Contact Odoni partners and you will be happy you made the right choice.
