At Griffin Group, CPA, we specialize exclusively in accounting, audit, and tax services for homeowners associations (HOAs), condominium associations, and community associations. Our firm was built to support association boards and managers who want dependable financial reporting without confusion, delays, or unnecessary complexity.
Community associations face unique financial and regulatory requirements. From state-mandated audits to specialized tax filings and reserve considerations, association accounting demands industry-specific expertise. That’s where we come in. Our streamlined, no-nonsense approach ensures accurate, efficient, and reliable financial reporting, so you can focus on your community—not the paperwork. Our focus is singular, but our impact is broad—serving associations of all sizes, from high-rise communities and large-scale developments to smaller residential complexes and mixed-use properties. We’ve fine-tuned every part of our operation to meet the demands of board members, community managers, and management companies who need a responsive, knowledgeable CPA partner they can rely on.
Exclusive focus on community association accounting, audit, and tax services
Nationwide service coverage with localized expertise
Streamlined processes designed for minimal disruption
Expertise in Revenue Ruling 70-604 and Form 1120-H compliance
Services
Audit
Provides an independent assessment of community association financial statements, offering reasonable assurance that they are free from material misstatements. Often required by governing documents, state laws, or lender requirements.
Specialized expertise in community association financialsNationwide service coverageStreamlined process minimizing disruption
Review
Provides limited assurance with professional insight, ensuring no major red flags in community association financials.
Focused on identifying material misstatementsLess intensive than a full auditProvides reasonable assurance at a lower cost
Tax Service
Specialized tax preparation and compliance for community associations, including federal and state tax filings, revenue ruling 70-604 guidance, and tax planning.
Federal tax return preparation (Form 1120-H, Form 1120)State tax compliance tailored to community associationsGuidance on Revenue Ruling 70-604 for excess member income deferralStrategic tax planning to minimize liabilities
Frequently Asked Questions
What is an audit, and why might our association need one? +
An audit provides an independent assessment of your association’s financial statements, offering reasonable assurance that they are free from material misstatements. Audits are often required by governing documents, state laws, or lender requirements.
What is Form 1120-H, and who should file it? +
Form 1120-H is a federal tax return specifically for homeowners associations. It allows associations to exclude exempt function income (like member assessments) from taxable income. Most residential associations qualify to file this form.
What constitutes taxable income for community associations? +
Taxable income for community associations typically includes revenues from non-member sources such as interest and investment income, rental income from facilities or equipment, income from cell tower leases, and proceeds from the sale of association-owned property.
What is an allowance for doubtful accounts? +
An allowance for doubtful accounts is an accounting estimate of receivables that may not be collectible, helping present a more accurate financial position by anticipating potential losses from unpaid dues.
What is the difference between accrual accounting, modified accrual, and cash basis accounting? +
Accrual Basis records revenues when earned and expenses when incurred, regardless of cash flow. Modified Accrual combines accrual and cash basis, often recording revenues when earned and expenses when paid. Cash Basis records revenues and expenses only when cash is received or paid.
