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Condominium & HOA Accounting in Palm Beach County

Audits, reviews, compilations, and tax returns for condominium and homeowners associations across Palm Beach County, from the barrier islands to the western communities.

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Associations we work with in Palm Beach County

  • Oceanfront and Intracoastal condominiums
  • Garden-style and mid-rise condominium communities
  • Golf and country club communities
  • Age-restricted (55+) communities
  • Master and sub-associations
  • Homeowners associations

Community associations across Palm Beach County

Palm Beach County stretches from the Atlantic barrier islands west to the shore of Lake Okeechobee. Its associations are just as varied. Coastal towns have oceanfront and Intracoastal condominium towers. Further inland are garden-style condominium communities, gated golf and country club communities, and large planned developments run by homeowners associations.

Many communities combine several of these. A master association may oversee shared roads, gates, and amenities, while neighborhood or building associations handle their own budgets and reserves. Each one has its own financial reporting obligation.

Financial questions Palm Beach County boards are working through

Aging buildings and structural reserves

Much of the county's condominium housing was built decades ago. Condominium buildings three stories or higher now face structural integrity reserve studies and milestone inspections. Reserve funding for those items generally cannot be waived, and any special assessment, loan, or line of credit used to fund them must appear in the annual financial statement.

Insurance and the operating budget

Coastal Florida associations carry property and windstorm coverage that can be a large share of the budget. When premiums rise, boards need clear financial statements to see the effect on operating funds and reserves, and to explain it to owners.

Seasonal owners and board turnover

Seasonal ownership is common in many Palm Beach County communities, and volunteer boards change over. Financial statements that read clearly help new treasurers and owners who are away part of the year understand where the association stands.

Large planned communities

Some of the county's planned communities are large. An HOA with 1,000 or more parcels must obtain audited financial statements, regardless of its revenue. Smaller associations follow the revenue tiers in Florida's reporting requirements.

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 Palm Beach County associations

We work with condominium and homeowners associations here 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 Palm Beach County 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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