CIRA ACCOUNTING & AUDITS

When choosing a firm to perform a CIRA audit, only select the top specialists available. The certified public accountants (CPAs) at Miller Company, LLP have the expertise you need for your CIRA accounting services. Experience the difference a proactive CIRA accounting professional can make for your organization.

CIRA BASICS

A common interest realty association governs the interests of communities with a common purpose. CIRAs may oversee operations of residents in communities, such as:

Homeowner associations
Planned unit developments
Timeshares
Co-ops
Condominiums

The association follows a set of rules that often are given over to a subcontracted property management company to fulfill. Members of the community fund the association through assessments on their dwellings.

Those members vote for the directors who sit on the board to represent their interests. A board of directors of a CIRA is a non-profit voluntary organization that usually doesn’t have access to professional financial guidance from within its ranks.

A vast number of Americans participate in CIRAs. It’s estimated that about 12 percent of American households live in a community that’s part of a CIRA. The major characteristics of CIRA housing include:

Ownership with the CIRA is divided into shares of stock, individual lot ownership or defined living spaces.
Ownership of the common property is shared, and all owners are bound to covenants and restrictions through the association’s contract.
Membership is automatic if the organization was legally established, adequately maintains the property and offers other services to its community.
Owners fund their association through periodic assessments.

CIRA AND CONDO ACCOUNTING SERVICES IN SARASOTA

The form of CIRA ownership usually results in accounting differences rather than CIRA operations. Your organization should rely, therefore, on CIRA accounting specialists to handle the financial statements, reporting duties and perform audits. The kind of ownership dictates the capitalization of the common property and how the accounting and disclosures should occur for maintenance and improvements.

Certified public accountants (CPAs) with a high level of knowledge about the industry and its standards, such as those at Miller Company, must follow specified standards for the preparation and reporting on required financial statements. Functions they usually get involved with include:

Strategic planning for use of funds
Operational budgets
Annual tax liabilities and tax filing
Association audits
Regular financial reporting to stakeholders and equity partners
Bankruptcy
Restructuring following insolvency
Trustee duties

The owners and administrators of these entities are responsible for reporting on the financial health of their organizations. Unit owners or prospective owners, as well as lending institutions, need CPAs proficient in the standardized methods to prepare these financial reports.

HOMEOWNERS’ ASSOCIATION AUDITS

To effectively prepare required financial statements for a CIRA, an association audit is undertaken that covers a wide range of real estate and repair issues. An audit includes reports on:

How common property is recognized and measured
Which parcels of common property are described as assets on the CIRA balance sheet
What kind of oversight the CIRA has over the care and preservation of the common property
Restrictions on the sale and use of recognized common areas
Level of funding required that must be put aside to make major repairs to community housing, such as roofs, in the future
Estimates for the repairs and how those estimates were calculated
Timelines for when repairs may occur
CIRA compliance with their financial responsibilities
Financial statements that prove the funding is properly accumulating
Estimates of the value of properties

When performing an association audit, your CIRA accountant compares current findings with previous audits to ensure that the association guidelines have been followed and that all estimates and cost assumptions were accurate and consistent. The CPA records changes made to the financial records and receives written acknowledgment from the board and property management company that it has and continues to assume its contractual responsibilities

Working Hours:
Monday - Friday: 9:00 am - 7:00 pm;
Saturday: 9:00 am - 4:00 pm,
Sunday: Closed
Payment: cash, check, credit cards.

Miller Company CPAs: Tax Accountants
Sarasota, Florida
2831 Ringling Boulevard, #204B
Sarasota, FL 34237
(941) 366-5646
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