Industries

Condominiums and Homeowners Associations

Condominium and Homeowner Association Accounting Services & Common Interest Realty Association Accounting Services

Condominium and homeowner association board members fill important roles that require a great deal of attention to association business. We understand that, as boards are constituted of volunteer members, a need of guidance from industry professionals to facilitate informed decision-making, allowing you to uphold your fiduciary duties to the association that you serve can be imperative.

An accounting service that helps convey financial results to board members and the association membership, is the annual audit, review or compilation service. In Massachusetts, the need for such service is not a choice as Massachusetts General Laws require associations with greater than 50 units to have at least an annual review performed. We feel that even in those situations when the service is not required, it is sound business practice to have some level of service performed.

We here at Roselli, Clark & Associates have significant experience in condominium and homeowner association accounting.  In the past 21 years we have been involved in year-end services of over 250 individual condominium and homeowner associations in both Massachusetts and New Hampshire.  Our firm is very experienced in completing these services through a variety of interactions with associations’ agent-based management companies located within Massachusetts and New Hampshire, which range from some of the largest to smallest of such management companies within the region.  

We use Practitioners Publishing Company’s (PPC) Guide to Common Interest Realty Associations to assist us in designing our audit, review, and compilation processes. This guide is generally accepted by the accounting profession across the country and assists us in complying with our professional standards.

We have advised such common interest realty associations on complex tax situations and will always evaluate the two legally accepted methods to file tax returns and advise the condominium association in which manner to file.

We are confident that if you use our firm for your accounting needs, you will get an accurate and timely report with which to report to your respective constituents.