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Off to the Races!

Cagianut & Company CPA Accounting Seminar for Managers . Off to the Races!. Nothing interferes with the Race – 139 years and it hasn’t missed once Accounting goes on month after month, year after year…there are really no excuses accepted! You adapt!! If the “weather” changes,

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Off to the Races!

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Presentation Transcript

  1. Cagianut & Company CPA Accounting Seminar for Managers Off to theRaces!

  2. Nothing interferes with the Race – 139 years and it hasn’t missed once Accounting goes on month after month, year after year…there are really no excuses accepted! • You adapt!! If the “weather” changes, just put on your rain gear and show up! What I learned at the Kentucky Derby ~

  3. You race through the mud! • Doesn’t matter how difficult the task, you get on the horse and stay on until the finish line! Though it may take a stronger horse when the track is not smooth… What I learned at the Kentucky Derby ~

  4. At the Starting Gate ~ Going Electronic – Moving Away from Paper – Panel 1:10 – 1:30

  5. Going Electronic • Panel Members • Jacque Haynes – CWD • Ron Rice – The Management Trust -CDC • Christine Fraser – Pinnacle We are finding more and more of our clients are going paperless. • 40% of management companies fye 12/31/12 audits • 50% of management companies fye 12/31/13 audits What works? What doesn’t? What tips do these panelists have for us?

  6. What hardware/software are you using? • What items are you scanning now? • What percentage of an Association’s records are electronic now? • Do you have plans to scan more items later? (If not 100% electronic) • Do you shred the original after scanning? • Who has access to these scanned documents? • Is it limited based on the type of document? If so, how do they handle security, etc? • What tips do you have for us? • Questions????

  7. Off and Running… Reserve Study Requirements in Audits 1:30 – 1:45

  8. Washington RCW disclosure requirements • RSI (Required Supplementary Information) –  Why auditors ask the questions we ask • Changes between reserve studies – be able to explain the reasons for the changes • “Accepted” reserve studies as RSI

  9. Rounding the turn…staying to the inside ~ Special Assessments & Loans 1:45 – 2:15

  10. Special Assessments and Loans • Panel Members • Jacque Haynes – CWD • Jon Eidukas - Morris • Kevin Ducotey – Condominium Mgmt • Heather Collins - SUHRCO

  11. What are the pitfalls and traps to avoid when considering special assessments…especially those tied to loans? • What to know BEFORE you start the process and what you need to have in place DURING the time it is ongoing.

  12. And the winner is… Best Practices in Associations– What did your audit tell you? 2:15 – 2:30

  13. What were key areas this year? • Sheriff’s Sales • Controls on other income (e.g. Move In/Out Fees, Guest Suite, Transfer Fees) • Look at the audit process from a “best practices” viewpoint. How can you use the audit to improve your accounting processes and protect your association’s assets? • Best Practice handout • Tips handout • Using the Report of Internal Control as a tool

  14. Are you betting against a B&O audit???? Improve your chances! 2:30 – 3:30

  15. Mark Hugh, CPA

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