Skip to main content
Feldman OneSecure File Sharing
FF&B CPAs logo

Areas we serve

Condominium & HOA Accounting in Longboat Key

Financial statements and tax returns for Longboat Key condominiums and associations, on the island that straddles Manatee and Sarasota counties.

Request a Proposal

Associations we work with in Longboat Key

  • Gulf-front condominiums
  • Bayfront condominiums
  • Low-rise and villa condominiums
  • Club communities
  • Single-family homeowners associations

Community associations on Longboat Key

Longboat Key is a barrier island between the Gulf of Mexico and Sarasota Bay. The town is split between two counties: its northern part is in Manatee County and its southern part in Sarasota County. Condominiums line much of the Gulf side, with bayfront buildings, villas, and single-family neighborhoods across the island.

The island has a strong seasonal character. Many owners spend the winter here and the rest of the year elsewhere, and boards often include owners who manage association business from a distance for part of the year.

Financial questions Longboat Key boards are working through

Insurance for island buildings

On a barrier island, property, windstorm, and flood coverage can make up a large part of the budget. When premiums or deductibles change, the board needs to see the effect on operating funds and on the reserve plan before setting assessments.

Structural reserves for Gulf-front condominiums

Condominium buildings three stories or higher must complete structural integrity reserve studies and milestone inspections. Reserves for the components those studies cover generally cannot be waived, and any special assessment or loan used for the work must be disclosed in the annual financial statements. Our special assessments guide and the Florida reporting requirements page cover how this is reported.

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 Longboat Key associations

We work with condominium and homeowners associations in Longboat Key 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 Longboat Key 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.

Request a Proposal

Prefer to talk first?

We work with associations throughout Florida.