Common Interest Realty Associations (CIRAs) are Condominium Associations, Homeowners' Associations and Cooperative Housing Associations. Dwight Darby & Company performs audits, reviews and other services on a number of CIRAs, mostly in the Tampa Bay area. CIRAs are required to have a complete set of financial statements prepared in accordance with generally accepted accounting principles and generally available to each unit owner within 120 days following the end of the fiscal year. These financial statements must be either compiled, reviewed or audited (unless voted upon by the owners to waive these services). The type of financial statement required is based on the annual revenues of the CIRA.
Dwight Darby & Company has set itself apart from other CPA firms by becoming experts in the area of CIRAs. CIRAs follow a very specialized form of reporting and accounting for certain assets that differ from any other industry. The staff at Dwight Darby & Company is formally trained and educated as to the specific accounting requirements of this industry. The Firm is a member of the Community Association Institute (CAI) and the Suncoast Chapter of CAI. One of our partners is on the Resource Council for the FICPA CIRA Committee. We stay updated with the latest industry trends and legislation in order to provide the best service to our clients. Our services not only include audits and reviews, but also preparation of federal and state income tax returns, consultation in hiring effective property managers and accounting personnel, as well as being available during the year to provide any other services needed by the CIRA or its management company.
Contact Brad Tushaus for additional information about this area.