CIRA Accounting & Audits

CIRA Accounting & Audits

Common Interest Realty Associations, also known as CIRAs, are complex legal and financial entities. Condo financial management can be a challenging endeavor, and more CIRA administrators are choosing professional CIRA accounting services than ever before.

If you’re the administrator of a realty company with a multi-family property association, a CIRA audit performed by a qualified and reputable certified public accounting firm, experienced in real estate accounting can help keep your finances in order.

When choosing a firm to perform a CIRA audit, only select the top specialists available. The certified public accountants (CPAs) at Miller & Company, LLP have the expertise you need for your CIRA accounting services. Experience the difference a proactive CIRA accounting professional can make for your organization.

CIRA BASICS

A common interest realty association governs the interests of communities with a common purpose. CIRAs may oversee operations of residents in communities, such as:

Homeowner associations

Planned unit developments

Timeshares

Co-ops

Condominiums

The association follows a set of rules that often are given over to a subcontracted property management company to fulfill. Members of the community fund the association through assessments on their dwellings.

Those members vote for the directors who sit on the board to represent their interests. A board of directors of a CIRA is a non-profit voluntary organization that usually doesn’t have access to professional financial guidance from within its ranks.

A vast number of Americans participate in CIRAs. It’s estimated that about 12 percent of American households live in a community that’s part of a CIRA. The major characteristics of CIRA housing include:

Ownership with the CIRA is divided into shares of stock, individual lot ownership or defined living spaces.

Ownership of the common property is shared, and all owners are bound to covenants and restrictions through the association’s contract.

Membership is automatic if the organization was legally established, adequately maintains the property and offers other services to its community.

Owners fund their association through periodic assessments.

CIRA AND CONDO ACCOUNTING SERVICES IN SARASOTA

The form of CIRA ownership usually results in accounting differences rather than CIRA operations. Your organization should rely, therefore, on CIRA accounting specialists to handle the financial statements, reporting duties and perform audits. The kind of ownership dictates the capitalization of the common property and how the accounting and disclosures should occur for maintenance and improvements.

Certified public accountants (CPAs) with a high level of knowledge about the industry and its standards, such as those at Miller & Company, must follow specified standards for the preparation and reporting on required financial statements. Functions they usually get involved with include:

Strategic planning for use of funds

Operational budgets

Annual tax liabilities and tax filing

Association audits

Regular financial reporting to stakeholders and equity partners

Bankruptcy

Restructuring following insolvency

Trustee duties

The owners and administrators of these entities are responsible for reporting on the financial health of their organizations. Unit owners or prospective owners, as well as lending institutions, need CPAs proficient in the standardized methods to prepare these financial reports.

Miller & Company CPAs: Tax Accountants
Sarasota, Florida
2831 Ringling Boulevard, #204B
Sarasota, FL 34237
(941) 366-5646
https://www.cpafirmnyc.com/accounting-firm-sarasota-fl
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Working Hours: Monday - Friday: 9:00 am - 7:00 pm; Saturday: 9:00 am - 4:00 pm, Sunday: Closed
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