Financial Clarity in Community Management: Why Your Board Needs a Proactive Approach

Managing an HOA or Condo Association is more than just landscaping and pool maintenance; it’s about fiscal responsibility. As tax season and financial audits loom, boards often find themselves overwhelmed by complex IRS filings and compliance requirements.

This week, we are excited to highlight our partnership with Devin and Co (https://devinandco.com/). If you haven’t subscribed to their newsletter yet, you are missing out on some of the most insightful financial strategies for community leaders.

Key Compliance Areas to Watch:

• Tax Filings: Deciding between Form 1120 and 1120-H is a critical choice that affects your association’s tax liability.

• 1099 Accuracy: The IRS has increased penalties for late or incorrect filings. Ensuring your contractors are properly documented is no longer optional.

• Unclaimed Funds: Many boards are unaware that uncashed checks or overpayments must eventually be reported to the state.

At CPS, we believe in empowering board members. That is why we’ve launched our 10-Minute Treasurer Program (https://www.skool.com/community-advocacy-education-1693). It’s designed to give busy volunteers the exact tools they need to oversee association finances without the stress of a full-time job.

Check out the full guide on Devin and Co’s newsletter for deep dives into these topics, and visit our community portal to see how we’re making financial management seamless for owners.

-Arnold Barzak, Managing Partner

Capital Property Solutions