Suggested New Year’s Resolutions for State Parkway’s Board of Directors

UPDATE: MARCH 21, 2019 For the third straight month, Property Manager neglected to post the monthly financials on eSTAR by the 20th of each month. UPDATE: FEBRUARY 21, 2019 State Parkway’s financials for the month and year ended December 31, 2018, and for the month ended January 31, 2019, have yet to be posted on […]

CondoCPA and Picker & Associates Ready For Raids By IRS & DOJ Agents

ORIGINAL POST: JUNE 28, 2018 CPA firms that prepare false federal tax returns can expect a raid from the hard-working men and women of the IRS and DOJ’s Tax Division. Preparing a false tax return in order to evade payment of federal taxes is a felony, and federal agents are always on the lookout for […]

How CondoCPA’S Audit Performance Will Be Graded

UPDATE: JULY 18, 2018 Today my wife and I finally received the draft 2017 audit prepared by CondoCPA. However, my wife and I are still waiting to inspect State Parkway’s 2017 federal and state tax returns that were prepared by CondoCPA. Now it’s grading time. The grades CondoCPA received are as follows: Engagement letter; Grade: […]

CondoCPA Needs To Read IRS Instructions For Form 1120-H

ORIGINAL POST: APRIL 25, 2018 For an HOA to qualify to file Form 1120-H, it must first meet each of the following four requirements: 1) At least 85% of the units need to be used as residences; 2) At least 60% of the association’s income during the year needs to be exempt — as a […]

Budget Fraud and Cooking the Books 101

When the 2017 Budget was prepared, the board and Lieberman Management Services made the following assumptions regarding the 2017 Replacement Reserve Budget: Projected Year-End Reserve Balance as of December 31, 2016: $1,350,000 Budgeted Operating Contributions to Reserves 498,700 Special Assessment Income 0 Reserve Fund Interest Income 5,000 Reserve Loan 0 Reserve Expenditures (252,495) Projected Reserve […]

State Parkway’s Board Announces Plan To Adopt $500K (26.7%) Special Assessment At July 24, 2017, Board Meeting

Yesterday afternoon, my wife and I received email blasts saying the board will meet at Hotel Indigo (again!) and adopt a $500K special assessment, or 26.7% of your annual regular and parking assessments (do not include the cable fee). The board’s purported reason for the special assessment is “legal fees.” First of all, State Parkway […]

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