Condominium and homeowner associations are rapidly growing organizations in Washington and Oregon. Providing accounting and tax services to these associations is an important and increasing part of our client services.

Did you know that Washington State requires:

• most condominium associations with 50 or more units to be audited annually by an independent certified public accounting firm, with the financial statements prepared on the accrual basis of accounting, according to generally accepted accounting principals.
• audits for the following unless the requirement is waived by a majority vote of the owners:
• Condominium associations with less than 50 units
• Homeowner associations with $50,000 or more in gross revenues
• Condominium associations upon transfer of control from the developer to the unit owners.

Did you know that beginning in 2004 Oregon State requires:

• most condominium and homeowner associations with over $75,000 in annual assessments to have a review conducted annually by a certified independent public accountant licensed in the State of Oregon.
• most condominium and homeowner associations with $75,000 or less in annual assessments to have a review conducted annually if the association receives a petition requesting the review from a majority of the owners.

Currie & McLain, P.S. provides financial and tax services to a wide variety of clientele including condominium and homeowner associations and other non-profit organizations. Since 1996 we have performed audits and reviews of the financial statements for these associations along with preparation of the required tax returns.

Our firm works with property management companies as well as self-managed associations. We strive to provide the best possible professional service for a reasonable fee.

Our highly qualified staff is motivated to make a significant commitment to service our clients’ interest and objectives within the areas of our professional expertise. Because of our experience with condominium and homeowner associations, we can help our clients with the rules and regulations governing them in both Washington and Oregon.

This accounting function examines the records of an association or business. Auditing includes an understanding of the association's environment, conducting audit procedures and tests, evaluating the audit results, and communicating the results to interested parties. An opinion is expressed as to the fair presentation of the financial statements.

It is our goal to simplify this process and to familiarize association members with ways to streamline the financial requirements. We can provide accounting services on a monthly basis, and recommend procedures to make record keeping as efficient as possible.

For income tax purposes, a condominium or homeowner association is treated like a corporation even though they may not have filed incorporation papers with the state. However, these associations do have the option to treat certain income as exempt from income tax. We can assist your association in these areas.

Condominium And Homeowner Associations' Capital Reserves