Accounting for Condominium and Homeowner Associations

Basalt HOA accounting services

Hobbs & Murphy, CPA works with association managers and board directors of condominium associations, homeowners' associations, and co-ops to provide budget assistance, auditing, account reconciliations, and more. We have worked with many condominium and homeowner associations throughout the Basalt area so we understand your unique reporting requirements, but we also strive to understand the needs of your individual association. At Hobbs & Murphy, CPA our goal is to offer accounting and bookkeeping services that will help your organization run smoothly now and plan for the future.

Our experience with tax planning for condominium and homeowner associations allows us to effectively offer guidance to association and board members on complex tax situations and help minimize what you owe. We also provide accurate monthly and year-end financial reporting along with reliable financial advice to association managers and board members throughout the year.

Accounting for Condo Associations and HOAs

  • Passive activity deductions
  • Property valuations
  • Lease analysis and review
  • Accounts receivable
  • Accounts payable review and approval for posting
  • Account reconciliations
  • Financial statement preparation including year-end
  • Budget consulting
  • Reserves assessments
  • Dues control
  • Ensuring compliance with management contracts
  • Monthly general ledger review to determine reclassifications
  • Monthly and quarterly accruals
  • Monthly variance analysis and explanations