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2020 Condominium Greenbook

ISBN: 978-0-578-55003-9
2019
Author(s): David H. Levy, CPA; William S. Erlanger, CPA; Mila Krosnova, CPA; Joy Lee, CPA
Product Format: Book
Item #: R0039
Members: USD $19.95
Non-Members: USD $24.95
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A comprehensive guide to accounting, financial matters, and income taxes for homeowners associations in California*
 
The 2020 Condominium Greenbook is intended as a plain English working reference for board members and community association managers on financial and tax matters. This handbook is designed to "bridge the gap" between technical legal, accounting, and income tax literature and the day-to-day operating needs.
 
Table of Contents
Introduction
Financial Accounting
  • Financial Accounting Terminology
  • Methods of Accounting
  • Financial Statements
    • Accountant's Report or Auditor's Opinion
    • Balance Sheet
    • Statement of Revenues, Expenses, and Changes in Fund Balances
    • Statement of Cash Flows
    • Footnote Disclosures
    • Supplementary Information on Future Major Repairs and Replacements
    • Supplementary Information on Expenses - Graphic
  • Compilation, Review, Audit and Agreed Upon Procedures
    • Compiled Financial Statements Overview
    • Reviewed Financial Statements Overview
    • Audited Financial Statements Overview
    • CPA Selection Checklist
    • Peer Review Program and California State Board of Accountancy
    • Engagement Letter
    • Representation Letter
  • Financial Accounting
    • Financial and Tax Reporting Deadlines
    • Internal Controls
    • How to Reconcile a Bank Account
    • Computing Assessment Increases
    • Accounting for Operating and Reserve Expenses
    • Special Assessment Payment Plans
    • How to "Sell" a Special Assessment to Members
    • Accounting for Construction Defect Litigation Settlement
    • Insurance Claim Settlement
    • Permanent Transfers and Interfund Receivables/Payables
    • Allowance for Doubtful Accounts and Bad Debt Expense
    • Prior-Period Adjustments
  • Fraud: Some Sobering War Stories
  • Financial Survey of 2,700 Community Associations
  • Frequently Asked Questions (FAQs)
  • Financial Information Resources
Income Taxes
  • Income Tax Terminology
  • US Corporation Income Tax Return - Form 1120
  • US Homeowner Income Tax Return - Form 1120-H
  • California Corporation Income Tax Return - Form 100
  • California Exempt Organization Annual Info Return - Form 199
  • Other Tax Issues
  • Tax Authority Audits and Enforcement
  • Frequently Asked Questions
Future Major Repairs and Replacements
  • Terminology
  • Reserve Study Process
  • Reserve Component Study
  • Reserve Funding Plan
  • Annual Budget Report
  • Association of Professional Reserve Analysts
  • Adequacy of the Original Developer Budget
  • Frequently Asked Questions
  • Future Major Repairs Information Resources
 
Investments and Banking
  • Primer
  • Bank Loan Option
  • Bank "Lockbox" Services
  • Bank Services
  • Check 21 Check Clearing
  • Federal Housing Loan Underwriting Standards
  • Investment Policy Statement - Sample 
Insurance
  • Basics 
Legal
  • Annual Disclosures Checklist
  • Records Retention Requirements
  • Board Minutes
  • Filings with the California Secretary of State
  • Access to Association Records 
 
Statistics and Technology
  • Community Association Statistics by County
  • Community Association Statistics by Management Type
  • Community Association Statistics by Year
  • Community Association Websites
 
Appendix 
 
*This book contains information specific to California community associations related to disclosure requirements for annual budget reports and pro forma operating budgets, current state requirements for reserves, and filing requirements. The vast majority of this comprehensive guide is applicable to community associations around the country.
 
The CPA Firm
Levy, Erlanger & Company LLP, Certified Public Accountants, is a 14-person professional firm specializing in providing high-quality financial services to California community associations. For more than 30 years, the firm has served nearly 5,000 common-interest developments, and counts more than 3,000 of these subdivisions, ranging in size from three to 6,700 units, amongst its current clients. The firm's services include preparation of replacement reserve funding plans, annual budget reports, pro forma operating budgets, assessment and reserve funding disclosure statements, audited/reviewed/compiled financial statements, income tax returns, litigation support, and consultation services. 
 
The Authors
David H. Levy, CPA, MBA, is the founder and managing partner of Levy, Erlanger & Company LLP. He is also the co-author of the 1990 California Department of Real Estate's Reserve Study Guidelines for Homeowner Association Budgets. Mr.  Levy is a past-president of the CAI San Francisco Bay Area Chapter, a former member of the CAI National Accountants Committee, and a long-time member of the Board of Directors of the Educational Community for Homeowners (ECHO). He has lectured for the California Society of CPAs annual CIRA Conference (1991-2015), the California Association of Community Managers (CACM), the California Bureau of Real Estate, and the State of California's Assembly Select Committee on Common Interest Subdivisions. David lives in San Francisco with his wife Hope and two cats Coconut and Macadamia Nut.
 
William S. Erlanger, CPA, MBA, MS-TAX, is the tax partner at Levy, Erlanger & Company LLP, a member of CAI, ECHO, and CACM, and a past president of the Northern California Chapter of CAI. He has also served as treasurer of CAI Northern California Chapter for several years, and as a past chairperson of ECHO's CPA resource panel. He has also frequently lectured for the California Society of CPAs annual CIRA Conference as well at CAI and ECHO conferences. Bill lives on the San Francisco Peninsula with his wife Diane and their two children Lisa and Sam. Bill's hobbies include reading and traveling with his family.
 
Mila Krasnova, CPA, CGMA, is an audit partner at Levy, Erlanger & Company LLP, a member of American Institute of Certified Public Accountants (AICPA), California Society of Certified Public Accountants (CalCPA), CAI, ECHO, and CACM, as well as ECHO's CPA resource panel. She is a speaker at management company training sessions and educational programs put on by the firm. Milo has a graduate degree in economics and certifications in business management and QuickBooks. She has a professional background in accounting, economics, and management from Russia and the United States. Mila lives in San Francisco with her husband Igor and cat Kiara. Her two daughters, Natasha and Lena, live in Russia and Australia, respectively.
 
Joy Lee, CPA, is an audit partner at Levy, Erlanger & Company LLP, a member of AICPA, CalCPA, CAI, ECHO, and CACM, as well as ECHO's CPA resource panel. She is a speaker at management company training sessions and educational programs put on by the firm. Joy lives in San Francisco.

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