Internal Control Structure for Homeowners Associations
Homeowners associations vary in size and complexity. The resources available to your HOA and the involvement of the board are key factors when determining whether to hire an outside accountant or management company, or to utilize the board to handle the finances. The controls implemented will vary based on which direction you choose to go. Let’s take a look at the controls that can be implemented for each scenario in order to best protect your HOA.
To learn more about internal controls in Homeowners Associations, read Internal Control Structure for Homeowners Associations, by Dan Velcheck, CPA. This article also appeared in the Winter 2014-15 Heartland Chapter Community Associations Institute magazine.