Austin HOA Management – If you’re on the Board of Directors for your Homeowners Association (HOA), Property Owners Association, Condominium Association, High Rise Association or Civic Improvement Association in Austin, Buda, San Marcos, Round Rock or Georgetown, you need to pay close attention to the monthly financials presented to you by your Austin HOA Management Company.  If you are a self-managed association, the treasurer of your Association should be providing these reports as well as recorded on a financial software program such as QuickBooks.

Generally accepted accounting principles or GAAP require the following set of financial reports for a community association on a monthly basis.  Here are a few of the reports to pay close attention to each month as you review your association’s financials:

Balance Sheet

The balance sheet is the report that gives the association’s financial condition. A comparison of the assets of the association minus the liabilities gives the association the net worth.   This is the report that shows how much money is actually in the association’s bank account.  The Board should check the amount in the association’s operating fund with the actual Bank Statement.  If your Austin HOA Management Company is not providing you with a bank statement each month, it is extremely important that you insist that you receive a copy of this each month so that you can see how much is actually in the operating fund.

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