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Condominium & HOA Accounting in West Palm Beach

Audits, reviews, compilations, and tax returns for West Palm Beach associations, from waterfront towers downtown to older mid-rise buildings and neighborhood HOAs.

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Associations we work with in West Palm Beach

  • Downtown and waterfront condominium towers
  • Older mid-rise condominiums
  • Garden-style condominium communities
  • Townhome associations
  • Neighborhood homeowners associations

Community associations in West Palm Beach

West Palm Beach is the county seat and the largest urban center in Palm Beach County. Its downtown faces the Intracoastal Waterway, where condominium towers look across the water toward the island of Palm Beach. Away from the waterfront are historic neighborhoods, townhome communities, and garden-style condominiums.

Condominium buildings in the city range widely in age. Some were completed in recent years; many others have been standing for decades. Each stage brings a different set of financial questions for the board.

Financial questions West Palm Beach boards are working through

Older buildings, inspections, and reserves

Condominium buildings three stories or higher now need structural integrity reserve studies and milestone inspections. For a building that has been standing for decades, the results can mean higher reserve contributions or a special assessment. Any assessment, loan, or line of credit used to fund that work must be shown in the annual financial statements. The engineering work itself belongs to qualified professionals; our role is the financial reporting. See Florida reporting requirements for how the rules fit together.

Taking over a newer tower from the developer

When owners take control of a recently built condominium, the new board inherits records it did not keep. A clear set of financial statements at turnover helps the board understand what it now owns, owes, and holds in reserve.

Insurance in the budget

Waterfront buildings carry significant property and windstorm coverage. When premiums change, a board needs statements that show the effect on operating funds and reserves so it can plan the next budget and explain it to owners.

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 West Palm Beach associations

We work with condominium and homeowners associations in West Palm 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 West Palm 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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