The role of a board member involves responsibility to all members of the association. At Frank & Company we realize that budgeting, finances, taxes, negotiating for services and long-range planning are topics that you as a board member must often address. Our role as business consultants is valued by our long- standing homeowner association clients.
We can assist you with evaluating proposals for services to the association and compare costs with these services offered by others. We can help you develop a budget and establish the funds for future replacements and reserves.
We are experienced in:
- Using board member time more effectively
- Understanding the budget process
- Managing and controlling your association’s costs
- Interpreting financial statements prepared by property managers
- Planning for reserves through capital budgeting
- Minimizing taxes on your reserves
Residential condominium and cooperative associations have special provisions in the tax code to minimize their income taxes. We will work with you to assess your alternatives as well as select the filing status that minimizes your taxes yet is consistent with the financial goals of your association.
The bylaws of many associations require an annual audit of its financial statements. Our financial statement audits have an emphasis on management. When we audit, we uncover ideas for improving management controls and effectiveness. These ideas are incorporated into our management and recommendations letter designed to enhance the board of directors’ management efficiency.
As a member of the board of directors of a condominium or cooperative association you may enjoy improving your community’s appearance, managing the association’s finances and planning its social activities. These occasions involve the prudent management of dollars and “sense”. Our goal is to support your endeavor to manage your association or cooperative efficiently and effectively.