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Financial Services

One of the benefits of working with Associated Professional Services in San Diego is our experience with the local financial industry and our accessibility for our HOA Board of Directors to make easy decisions when needed. Financial Services are available to all of our clients at affordable rates.

These flexible services include the following:

Budget Preparation

Associated Professional Services will prepare a preliminary budget for associations upon request. These budget and financial statements provide the Board of Directors with the necessary information to compare their performance against their anticipated budget projections. Having a clear understanding of your financial position assists the Board in making sound financial decisions. Fees are based on the size of the association and are very reasonable.

Income Tax Preparation

For associations that are not audited, Associated Professional Services will prepare the required reports and tax forms for governmental agencies, including:

  • Employment tax returns
  • Federal income tax returns
  • California income tax returns
  • 1099 tax forms
  • Estimated tax payments

Audits

Associated Professional Services can assist associations with obtaining bids from CPAs to perform an audit. We will also prepare all of the necessary financial records at the end of the fiscal year for the selected auditor.

Associations should perform a full audit of their books at least every few years, whether or not they are required to. Regular audits can help to ensure the association’s financial records are being properly kept, and allow the Board of Directors the opportunity to review these records in a more in-depth way.

Reserve Studies

Reserve Studies are legally required at least every three years. They are an important part of maintaining an association’s annual budget, and completing them regularly will ensure your HOA is prepared for the future. Reserve Studies are also an effective way to identify all of an association’s assets and amenities, determine how much funding is required for maintenance and upkeep each year, and to establish a timeline and distribution of funds for capital improvements.

Associated Professional Services can assist in obtaining bids for a third-party reserve study, or we can prepare a reserve study annual update for a reasonable fee.

Special Assessments

Special assessments are an important factor to consider when determining your association’s annual budget. Emergency funds might be required throughout the year for building repairs, building restorations, renovations, or community improvements, and it’s essential that your association is financially prepared for such emergencies.

However, approaching your community about a special assessment can often be an intimidating and stressful event, particularly when it comes to communicating the necessity for the sudden expense. Working with an experienced HOA management team to make special assessments will help to avoid these issues, and ensure the process is done correctly and effectively. Associated Professional Services can help you determine how much a special assessment might cost, suggest possible alternatives, and assist with presenting those options to the Board of Directors and the community.

APS maximizes efficiency and reduces overall HOA management costs.

To find out if our 100% customizable services are right for you, request a proposal or contact us to schedule a consultation.