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CONDO ASSOCIATIONS

Condo association audits your board and your lender can both rely on.

Annual audits and reviews built around how condos actually run: monthly assessments, a reserve fund, a management company handling the cash, and owners who want to know where their money went.

What We Handle

What a condo association audit looks at

A condo is a small business with 20 to 500 owners as stakeholders. These are the areas we spend the most time on, because they are where associations most often get questions.

Assessments & Owner Receivables

We tie billed assessments to the unit ledgers, test collections, and review delinquencies, write-offs and late fees so owner receivables are stated fairly.

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Reserve Fund

We report reserve balances, contributions and spending, and line them up against your replacement-reserve study so funding levels are clear to the board.

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Management Company Cash Handling

When a property manager collects and holds association cash, we test deposits, bank reconciliations and disbursement approvals on your behalf.

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Special Assessments & Capital Loans

Roof, elevator and façade projects often mean a special assessment or a bank loan. We make sure the financials show what was billed, collected and borrowed.

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Insurance, Taxes & Fees

We review the master policy and deductible exposure, and check that the association’s federal tax filing method matches how its income is reported.

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A Board Package You Can Present

You get the financial statements, a plain-language summary, and a letter of findings and fixes, written for volunteers who are not accountants.

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Audit, Review or Compilation

Which level of assurance does your association need?

The right answer comes from three places: your governing documents, your state, and your lenders. We check all three against your size before recommending one.

Audit

The highest level of assurance. We test balances and transactions and give an opinion on the financial statements. Often required by governing documents, a member vote, or a lender.

Review

Limited assurance based on analysis and inquiry rather than detailed testing. A common middle step for smaller associations whose documents allow it.

Compilation

The statements are assembled from your books with no assurance. Fine for internal use when nothing requires more, but it will not satisfy an audit requirement.

Not sure yet

Send us your declaration, bylaws and last year’s financials on a short call. We tell you what they require and what a lender is likely to ask for.

Before Audit Season

What your board should have ready

Most audit delays come from missing paperwork, not accounting problems. Pulling these together early shortens the process and the fee.

Bank and cash records

Year-end statements and reconciliations for every operating and reserve account, plus any CDs or investment accounts.

Owner records

The unit-by-unit assessment ledger, the delinquency list, and your collection and late-fee policy.

Governance documents

Approved budget, board minutes, the current reserve study, and the master insurance policy and renewals.

Management records

The management agreement and the manager’s year-end package, including any change of manager during the year.

Free Tool

Reserve Adequacy Check Tool

Project your reserve fund five years out against major repairs and see if it holds, using your own numbers.

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Doyin Ogunbajo, CPA, Founder of ASO Financial
Who you'll actually talk to

Doyin Ogunbajo, CPA

You talk to Doyin Ogunbajo, CPA, the founder, on every engagement. Not a junior analyst reading from a template.

FAQ

Questions from condo boards and property managers

It depends on your declaration and bylaws, your state, and your lenders. Some associations need one every year, others only above a revenue threshold or when owners vote for one. We read your documents and tell you which applies.
Yes. We work from the records your management company maintains and test them. If something in the books does not hold up, you hear about it from us before the owners do.
A change of manager means a cutoff and a handover of cash, ledgers and records. We reconcile the opening balances so the year does not carry gaps from the transition.
It depends on the number of units, the number of accounts, and how complex the reserve and any capital projects are. We scope it on a short call and give you a written quote.
You get a clear letter of findings with recommended fixes, in plain language. Most issues are timing, documentation or cutoff problems the board can correct before the next year.

Related: HOA & nonprofit audits · Reserve adequacy tool · Real estate accounting

Ready to Talk?

Let’s talk about your next audit.

Book a free 30-minute discovery call to walk through what your declaration requires and where your association’s books stand today.

Get Started → hello@asofinancial.com