Accounting for self-managed HOAs and condo associations.
Running an association without a management company means the board owns every task — including the books. Academy Accounting works directly with self-managed HOA and condominium boards across Florida, so volunteer treasurers aren’t left reconciling bank accounts and chasing owner balances on their own.
The board stays in charge. The bookkeeping stops landing on one volunteer.
On a self-managed board, the accounting usually falls to whichever volunteer is willing to take it on — and Florida law expects those records to be kept to a real standard. Associations have to keep itemized receipts and expenditures and owner account statements for at least seven years, many must post financial documents on their website (HOAs with 100 or more parcels, condos with 25 or more units), and every association owes owners a year-end financial report at the level its revenue requires.
Monthly close and reconciliations
Bank and account reconciliations and a board-ready monthly financial package, delivered on a schedule you can plan meetings around.
Accounts payable and receivable
Vendor bills entered and tracked, owner assessments posted, and owner ledgers kept accurate.
Reserves and special assessments
Reserve activity kept separate from operating funds, plus special assessment billing and tracking. Condos with buildings three stories or taller should also read about Florida’s SIRS reserve funding rule.
Year-end support
Year-end financial preparation and coordination with your CPA for the compiled, reviewed, or audited report your association needs.
Florida’s reporting rules, in one place.
Florida’s financial reporting tiers, deadlines, and the differences between Chapter 718 (condos) and Chapter 720 (HOAs) are laid out on our Resources page.
Self-Managed Association FAQs
We’re self-managed. Do we need a management company to work with you?
No. We work directly with self-managed boards as well as with management companies. You keep running the association; we keep the books.
What financial records does Florida require our association to keep?
For HOAs, Chapter 720 requires financial and accounting records kept according to good accounting practices, including itemized records of receipts and expenditures and member account statements, kept for at least seven years. Condominiums have similar record requirements under Chapter 718.
Which year-end financial report does our association need?
It depends on your annual revenue: Florida sets four tiers, from a report of cash receipts and expenditures up to audited financial statements. Our Resources page walks through each tier.