FAQ’s
Advising Boards.
Helping Managers.
Sharing Knowledge.

• Audit: The most in-depth level, including tests of transactions and gaining an understanding of financial controls, resulting in an opinion on whether your financial statements are free from material misstatement.  While not absolute, this is the highest level of assurance a CPA can provide.
• Review: Provides limited assurance based primarily on analytical procedures and inquiries.
• Compilation: Presents financial data in a standard format based on information the board or manager provides us with no assurance or verification.

Regardless of your reporting needs, we tailor our services based on your size, complexity, and governing requirements — always with a focus on clarity and value.

The board has a fiduciary duty to oversee financial operations, approve audits, ensure taxes are filed, and understand key financial matters. While many boards rely on property managers, ultimate responsibility rests with the board.

We work directly with both managers and board members to ensure transparency, compliance, and peace of mind — empowering you to fulfill your role with confidence.

No.  The management company handles day-to-day operations, but the board is accountable for the overall financial health of the association. That’s why having an independent CPA to audit or review the books — and file tax returns — is so important.

We collaborate with your manager to minimize disruption, streamline document gathering, and keep everyone informed throughout the engagement.

Every engagement is unique, but we typically request:

• Year-end financial statements
• Bank and investment statements and reconciliations
• Budgets
• Vendor contracts and certain expense invoices
• Governing documents
• Reserve study (if applicable)

We strive to minimize disruption by coordinating closely with management and being available to answer questions along the way.

It depends on the size and complexity of your association, but typically 4–6 weeks from the time we receive all requested documents.  We work proactively with you or your property manager to keep things on track and avoid last-minute surprises.  Ultimately, the more you or your property manager engages in the process, the quicker and more efficient we can complete our audit.

We prepare the association’s federal and state income tax returns, usually Form 1120-H or Form 1120. Unlike many other firms, we will analyze the tax consequences of completing both forms and advise you on which form is more beneficial.  Our goal is to help the board remain compliant while minimizing tax exposure.

• 1120-H is designed specifically for community associations and is generally the best choice for associations with limited non-member taxable income.
• 1120 allows more deductions but also involves more complexity.

Membership income is usually tax-exempt, but income from other sources such as interest, rentals, or other non-member fees may be taxable. We help identify and properly report that income.  If you’re evaluating new sources of income, reach out to us, we often help associations reduce or eliminate tax through proper planning.

You’re not alone — most board members aren’t accountants. We take pride in translating accounting into clear, actionable information. Our team is always available for questions, and we’re used to working with volunteers who just want to do the right thing for their community.  We take pride in explaining things in a straightforward, non-technical way. No question is too small — just ask!

Look for a firm that:

• Has specialized experience working with community associations
• Is responsive and communicates clearly with both boards and managers
• Offers practical advice, not just technical compliance
• Is accessible year-round — not just during audit season

At Strauss & Associates, we work with community associations of all shapes and sizes and understand the unique needs of board members and property managers. Our proactive approach helps you stay ahead, not just react.

Want to learn more? Get in touch!