News & Announcements

Fraud Involving Wire Transfers and ACH Authorizations

In this bulletin: Goldklang Group recommends management and employees work to together to prevent processing fraudulent wire transfers or ACH transactions. We have provided a helpful list of actions that our clients and business partners can put in place to protect their organizations.

Are you an Authorized Signer?

As part of our audit process, we may need to confirm your Association’s bank account balances.

Revenue Recognition: New Accounting Standard

A new accounting standard has been issued by the Financial Accounting Standards Board (FASB) that will impact how entities, including homeowners associations, condominiums and housing cooperatives (Common Interest Realty Associations or CIRAs), recognize revenue in their financial statements.  The standard is effective for December 31, 2019 calendar year-ends and fiscal 2020 year-ends.

Revenue Recognition: Frequently Asked Questions

What criteria should we use to determine if accounts are not collectible and, therefore, should not be recorded as revenue under the new revenue recognition standards?
Developing a policy to predict whether future assessments (or other revenue) is collectible involves significant management judgement.  There is no right or wrong way to develop an estimate for a revenue recognition policy to determine uncollectible assessments.  We suggest the Association consider including member accounts that are in bankruptcy or foreclosure at the beginning of …Read More »

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Tax Basis Additions

When you sell your home you may be faced with a taxable gain.  A gain or loss on your home is determined by the selling price less the adjusted cost basis in the home.  Improvements to your property will increase the basis in your home. For condominium owners and homeowner association members, increases in basis may occur in two ways:..