There is very little known about Home Owners Associations, even more so because there is no one specific Act governing the conduct of a Home Owners Association.
Do you know your rights and responsibilities as trustee / director / home owner of a Home Owners Association?
What are the audit requirements?
Can a Home Owners Association outsource the account record keeping function to a firm?
Are levies compulsory?
Join us as we look at the basics of Home Owners Associations, specifically what legislation is at play; what your responsibilties are as a trustee / director over an Association; if you have any rights as a home owner; if there is a need for audit and what the accounting requirements are.
The objective of this course is to:
1. Build a solid base for understanding the fundamental workings of a Home-Owners Association
2. Gain familiarity with any legislation applicable to Home Owners Associations
3. Understanding a Home Owners Association’s responsibility for financial record keeping / accounting and audit
During this session, we will
• Establish a foundational understanding of what a Home-Owners Association is and who the various roleplayers are,
• Specifically look at any legislation that directly governs an association; and lastly,
• Consider the financial reporting requirements, account record keeping and audit requirements.
The following individuals will benefit from attending this course:
• Trustees / directors of a Home Owners Association
• Home owners of a given Association
• Audit managers / seniors who will audit Home Owners (no specific auditing procedures will be discussed during the session, only what the accounting / auditing requirements placed upon Associations are, per supporting legislation)
