Community associations in Palm Beach Gardens
Palm Beach Gardens is a mostly inland city in northern Palm Beach County, widely known for golf. Much of its housing is in gated communities built around courses and clubhouses, and many of those communities are large enough to need several layers of governance.
Development here has continued over the years, so the city has both well-established associations and communities where owners took control from the developer more recently.
Financial questions Palm Beach Gardens boards are working through
When the developer hands over control
At turnover, a new owner-controlled board takes on the association's books, bank accounts, and reserves. Financial statements covering the transition give the board a clear starting point and help it understand the position it has inherited. Questions about the developer's obligations themselves are for the association's attorney.
Large communities and audited statements
A homeowners association with 1,000 or more parcels must obtain audited financial statements regardless of revenue. Associations below that size follow the revenue tiers set out on our Florida reporting requirements page. Our audit, review, and compilation guide explains what each level of assurance means.
Club amenities in the budget
Clubhouses, courses, and recreation facilities bring operating costs and long-lived components that need reserve planning. Where a master association owns them and sub-associations share the cost, statements that present those amounts consistently make each board's job easier.
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 Gardens associations
We work with condominium and homeowners associations in Palm Beach Gardens the same way we do across Florida. Once engaged, the association exchanges records with us through our secure Feldman One client portal.
