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Off to the Races!

Cagianut & Company CPA HOA Accounting Seminar for Accountants . Off to the Races!. While not as well recognized as the Derby, the locals know that it is the race to watch! Often times , accountants are underappreciated and underestimated…aren’t we?? Enjoy it while the sun shines~

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Off to the Races!

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

  2. While not as well recognized as the Derby, the locals know that it is the race to watch! Often times, accountants are underappreciated and underestimated…aren’t we?? • Enjoy it while the sun shines~ You never know when the “weather” (or Board) will change ~ What I learned at the Kentucky Oaks~

  3. A longshot can win! Everyone has a chance – Get out there and race… What I learned at the Kentucky Oaks ~

  4. Staying in the Lead ~ Going Electronic – Moving Away from Paper – Panel 8:45-9:15

  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 our 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. The race is on! Audits – Best Practices 9:15 – 9:45

  8. Posting Adjusting Journal Entries • To do? Not to do? How to do? • 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

  9. Picking the winner Replacement Fund Accounting Understanding the Options 9:45 – 10:15

  10. Washington RCW disclosure requirement • 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 • Fund accounting and other options • Reconciling “Due Between Funds” • Reserve vs. operating expenses

  11. The Winner’s Circle! Special Assessments & Loans 10:30 – 11:30

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

  13. 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. • What are accounting presentation options – Use Reserve Fund? Set up 3rd Fund? Set up separate set of books?

  14. These materials and other presentations & FAQs can be found on: www.hoacpa.com Finish Line

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