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This compliance requirements is one of the most important sections, because it covers cost accounting policies, expenses and expenditures, and actual use of federal funds to administer a federal assistance program. In other words, it provides the basis and principles recipients must adhere to when spending federal funds. [3]
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents. [1]
Board meetings, like the boards of government agencies, are generally open to HOA members, with some exceptions. As with government agencies, courts generally defer to the broad discretion HOAs enjoy in discharging their duties. [6] The HOA is also allowed to charge regular fees to homeowners within the development (comparable to taxes).
The HOA president is the CEO of the not-for-profit corporation, with all of the general powers and duties normally associated with that role. HOA Q&A: Can an Association president make decisions ...
The FASAB issues federal financial accounting standards and provides guidance to federal reporting entities. [ 14 ] Other influential organizations include the Government Finance Officer's Association (GFOA), American Accounting Association, Institute of Management Accountants, and Financial Executives Institute.
Often, the HOA passes this ever-rising cost on to the homeowners in the form of higher monthly fees or larger one-time fees called special assessments. This jump in homeownership costs can have a ...
The Governmental Accounting Standards Board (GASB) is the source of generally accepted accounting principles (GAAP) used by state and local governments in the United States. [1] As with most of the entities involved in creating GAAP in the United States, it is a private, non-governmental organization.
In addition, CPA firms that perform local government financial audits that include an A-133 "single audit" must follow yellow book standards. In addition to financial audits, the Yellow Book standards cover Performance Audits, which evaluate the performance of a program or project against defined objectives, such as objectives for efficiency ...