Napier & Company, LCC

There is some relatively new Oregon State legislation that affects homeowners associations. In 2003, the Oregon legislature approved legislation that requires certain condominium and planned communities to have an annual financial review by a CPA. Financial statements may be compiled, reviewed, or audited . A financial statement review is above a compilation and below an audit in the amount of time and work required by the CPA to complete.

The Details

• A homeowners association is required to have financial statements reviewed if annual assessments are over $75,000
• The review should be completed within 180 days after the end of the fiscal year by an independent CPA licensed in the State of Oregon
• An association subject to the requirements noted above may elect, on an annual basis, not to comply with the requirements by a vote of at least 60 percent of the owners

Napier and Company can help with the special needs of homeowners associations. If you have further questions, please contact Mary Culshaw, CPA/PFS, CFP.