Common Interest Realty Associations
Common Interest Realty Associations (CIRAs)—coops, condos, and homeowners’ associations—face a very complex accounting model.
Multiple owners of individual properties often own either shares in a corporation or a percentage of undivided interests in common property. These owners then typically elect a board of directors/managers who often, in turn, hire a professional management company to best represent the interests of the actual owners. The CIRA is going to want a CPA firm with the experience and expertise in this unique atmosphere to provide the leading-edge services they need.
EisnerAmper has a team of accounting, audit and tax professionals dedicated to providing services to CIRAs. The words our clients use to describe us are “quality,” “hands-on,” “responsive;” and we strive to live up to those descriptions every day. Our clients turn to us again and again for a comprehensive suite of services.
We provide a host of attest services including audits, reviews, compilations, agreed-upon procedure engagements for transition services of developer conversions, reviews of internal controls, and forensic and fraud investigations. Non-attest services include tax return preparation, shareholder tax deduction letters required under IRC Section 216, assistance in the annual budget process, representation during tax audits, sales tax analysis and refunds regarding repair and capital improvement contracts, SCRIE analysis using tenant abatement credit (TAC) reports, verification of calculations as required under legal agreements (e.g., mortgage/loan, lease, rental), evaluation of accounting records, and assistance with refinancing of alternative proposals.
The CIRA professionals of EisnerAmper’s Real Estate Services Group deliver on the accounting and tax needs of you and your property. Clients work with a dedicated team, each member of whom has the expertise needed for your specific requirements, along with the partner in charge of the engagement.
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Lois Clinco is a Partner in the Private Client Services Group. Her experience encompasses all aspects of accounting, including audit, tax, consulting and financial reporting.
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