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Condominium & HOA Accounting in Delray Beach

Financial statements and tax returns for Delray Beach condominiums, 55+ communities, and homeowners associations, prepared so every owner can follow them.

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Associations we work with in Delray Beach

  • Oceanfront and Intracoastal condominiums
  • Low-rise and garden-style condominiums
  • Age-restricted (55+) communities
  • Golf communities
  • Homeowners associations

Community associations in Delray Beach

Delray Beach is a coastal city in southern Palm Beach County, known for its downtown and its public beach. Near the ocean and the Intracoastal, associations tend to be condominiums, many of them low-rise buildings that have been in place for a long time.

West of Interstate 95 the picture changes. Large age-restricted communities and golf communities make up much of the association housing there, often run by volunteer boards of retirees.

Financial questions Delray Beach boards are working through

Long-standing condominiums and reserve funding

Older condominium buildings three stories or higher must complete structural integrity reserve studies, and reserves for the items those studies cover generally cannot be waived. Boards that have kept assessments low for years may now be weighing higher contributions or a special assessment. Our reserves guide and the Florida reporting requirements page explain how this shows up in the financial statements.

Volunteer boards and changing treasurers

In 55+ communities, board members often serve a term or two and then hand off. Many owners also spend part of the year elsewhere. Statements written plainly, with consistent presentation from year to year, make it easier for a new treasurer to pick up where the last one left off.

Why work with a CPA

A bookkeeper or management company keeps the records. A CPA reports on them. For a community association, that difference matters in six ways.

  • Meets the statutory requirement

    Florida requires an annual financial report from every condominium and homeowners association. Reviews and audits must be performed by an independent, Florida-licensed CPA.

  • An independent view for owners

    An outside CPA has no stake in the board's decisions. A review or audit gives owners and prospective buyers a level of assurance the association cannot give itself.

  • Clear reserve reporting

    Reserve balances, funding, and required disclosures are presented consistently, so boards can see where major repair and replacement funding stands.

  • A properly prepared tax return

    Associations normally file Form 1120-H, the federal return designed for homeowners and condominium associations. A CPA-prepared return stays consistent with the association's financial statements.

  • Observations the board can act on

    In an audit, the CPA communicates significant deficiencies in internal control it identifies. Boards often use these to tighten approvals, collections, and bank reconciliations.

  • Continuity through board turnover

    Directors and managers change. A CPA who knows the association's history helps new treasurers understand the statements and what changed from year to year.

A CPA engagement does not replace an engineer's reserve study or structural inspection, legal advice from association counsel, or management's day-to-day responsibilities.

Services for Delray Beach associations

We work with condominium and homeowners associations in Delray Beach the same way we do across Florida. Once engaged, the association exchanges records with us through our secure Feldman One client portal.

Related reading

Request a proposal for your Delray Beach association

Tell us about your association, its fiscal year-end, and the report you need. We will review your information and follow up to discuss scope and next steps.

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