Richardson Association Management

Accounting and Reporting

The financial stability and strength of a community are essential to its success.

Accounting System

HOA accounting services are professional services designed to help homeowners' associations (HOAs) manage their financial affairs. PMI Star of Texas utilizes state of the art technology to streamline our processes. These services include tasks such as:

  • Preparing and maintaining financial records
  • Processing HOA dues and fees
  • Handling payroll for HOA employees
  • Preparing and filing tax returns
  • Managing the HOA's budget
  • Providing financial reports to the HOA board of directors
  • Assisting with financial planning and decision-making

These services can help ensure that the HOA's financial affairs are well-organized and transparent and can help the HOA make informed decisions about how to manage its finances.

Closings

The closing process for a home purchase involving an HOA can vary depending on the specific terms and requirements of the HOA and the real estate laws of the state where the property is located. However, some general steps are typically followed when an HOA is involved in the closing process.

Reporting

HOA financial reporting refers to the process of presenting financial information about a homeowners' association (HOA) to its members and board of directors. Financial reports can help the HOA board of directors and members understand the organization's financial health and make informed decisions about how to manage its finances. Several types of financial reports may be prepared for an HOA, including:

  • Balance Sheets

    A balance sheet shows the HOA's financial position at a specific point in time, including its assets, liabilities, and net worth. Income statements: An income statement shows the HOA's revenues and expenses over a specific period of time, such as a month or a year. It can be used to understand the HOA's profitability.
  • Statement Of Cash Flows

    A statement of cash flows shows the HOA's cash inflows and outflows over a specific period of time. It can be used to understand the HOA's liquidity and financial stability.
  • Budget Reports

    Budget reports compare the HOA's actual financial performance to its budgeted performance. This can help the HOA identify any variances between its planned and actual financial performance.

Financial reports for an HOA should be prepared by a qualified accountant or financial professional who is familiar with the specific needs and requirements of an HOA. These reports should be presented to the HOA board of directors and members clearly and concisely. An explanation of any important financial trends or issues should accompany them.

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Areas We Serve

Don’t see your neighborhood? These are just a few cities and communities we offer management services to. Contact us if you don’t see yours; we are always looking to expand!

  • Richardson
  • Arlington
  • Irving
  • McKinney
  • Garland
  • Allen

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