Condominiums

Downey logoprofessionals are your New England’s condominium and homeowners association accounting resource.  Our staff has over twenty years of experience in helping associations meet their financial obligation.  We assist both the self-managed and professionally managed associations throughout New England.

Most condominium associations have three phases to their financial management system.

Planning Phase:  Includes the preparation of an annual budget and adoption of a reserve study.

Operation Phase:  Includes the preparation and review of: monthly or quarterly financial statements, assessment collection, expenses incurred recorded and paid, and investment of funds.

Evaluation Phase:  Includes the preparation of year–end financial statements and filing of required income tax returns.

Many states, such as Massachusetts, now require a specific type of financial statement that must be prepared annually by an independent accountant. The board of trustees are ultimately and legally responsible for the financial operations of the association.  To full fill these responsibilities the board may request the following services:

  • Audit, review, or compilations of financial statements
  • Tax services
  • Budgeting
  • Cash management analysis
  • Forensic accounting
  • Reserve study and analysis
  • Assistance in obtaining long-term or short-term financing

For more information on our condominium accounting services, contact Joseph S. Pieciak, CPA.