Homeowner Association Services

We are one of the few premier CPA firms that possess this unique specialty of service providing some of the most prestigious condominium and homeowner associations nationwide. We presently serve over 450 associations including cooperative corporations. Our firm is well known for our extensive knowledge and experience in providing the highest quality of service to this specialized industry.

Our team of Homeowner Association business advisors will help your Association become more financially secure by:

  • Maximizing your cash flows
  • Reducing assessments
  • Lowering operating expenses
  • Accumulating reasonable cash reserves

Our group of diversified services include:

  • Audits, reviews and compilations of financial statements
  • CAM (Shared Expenses)
  • Agreed-upon procedures engagements for associations turned over from developer
  • Management company transition engagements
  • Business advice to Boards of Directors to achieve association financial goals
  • Independent ballot tabulations and procedures
  • Reserve studies and funding analysis
  • Debt structuring
  • Cash flow projections
  • Loan procurement
  • Budget consultation and preparation

Agreed Upon Procedures

When an association is under developer control, prior to turnover, there are several risks that are prevalent. The major identified risks are:

  • Has the developer collected association assessments (monthly and at unit closings) in accordance with the declaration and the Illinois Condominium Act?
  • Has the developer assessed and paid developer assessments on unsold units?
  • Has the developer established reserve funds in accordance with the declaration?
  • Has the developer paid construction expenses from the association funds?
  • Has the developer complied with other agreements, if applicable, such as easement agreements and shared-expenses?