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Palm BeachNaplesMiamiOrlando
Palm Beach (561) 655-8700
Naples (239) 353-8700
Miami (786) 209-3400
Orlando (321) 445-5055

Condominiums and HOAs

Hafer Company, LLCFor over 30 years, we at HAFER Certified Public Accountants and Consultants in Palm Beach and Naples, Florida have provided professional tax and accounting services to condominiums, cooperatives and homeowners’ associations.

We work with many associations ranging from 14-unit groups up to a 1,575 - unit homeowners’ association with a budget in excess of $10 million. We assist associations that use a property management company, self-managed associations, associations turned over from the developer, and consult with property management companies.

Our comprehensive services include:

  • Financial statement audits, reviews or compilations
  • Turnover audits
  • Tax planning and tax preparation
  • Special project analysis
  • Loss analysis
  • Forensic accounting and determination of fraud
We have also provided income tax consulting on acquisition and litigation issues that have potential tax consequences of over $500,000. We have helped associations obtain loans, performed analysis for special assessment purposes, uncovered fraud and reported on other defalcations.

Attestation Services

Audits | Reviews | Compilations

Many organizations, including condominiums, cooperatives and homeowners’ associations, are required by law to produce some type of formal accounting report for third party review at least once a year. At HAFER Certified Public Accountants and Consultants, our accountants can determine whether you need an audit, review or compilation.


An audit is the most detailed, comprehensive financial report and is performed in accordance with generally accepted auditing principals (GAAP) using generally accepted accounting standards (GAAS). If you are located in Florida and have assessment income over $500,000, an audit is generally required by law. Audited financial statements meet the most stringent reporting standards and guarantee the highest level of assurance. The goal of an audit is to report that the financial statements are not materially misstated.

During an audit, our accountants will:

  • Assure that full disclosure financial statements* are presented
  • Confirm and verify specific financial statement information from third parties (such as banks, insurance providers, attorneys, and other third parties we deem necessary)
  • Read the minutes
  • Review contracts
  • Select samples of paid bills to test for agreement with accounting records
  • Read appropriate correspondence and recalculate various financial statement amounts
  • Perform other tests of the books and records as we determine to be necessary
  • Review accounting compliance with the State of Florida criteria
  • Throughout this process, our accountants become exceedingly familiar with the organization's system of internal control and may advise you of methods to reduce your risk of fraud.  


A review is not as comprehensive or complex as an audit and is performed in accordance with American Institute of Certified Public Accountants (AICPA) professional standards. The goal of a review is to provide negative assurance, which means that we did not observe anything that would materially affect the financial statements in a negative way.

During a review, our accountants will:

  • Assure that full disclosure financial statements* are presented
  • Perform analytical procedures on the financial statements
  • Read the minutes
  • Obtain supporting material to see that the amounts reflected in the financial statements are in agreement with detailed information
  • Query management regarding certain accounting issues
  • Perform other procedures we determine to be appropriate


Although a compilation is the least formal type of accounting report, it is a perfectly appropriate method for many small associations to meet the annual reporting requirements. Compilations are performed in accordance with American Institute of Certified Public Accountants (AICPA) professional standards, yet they provide no assurance that the financial statements conform to generally accepted accounting principles.

During a compilation, our accountants will:

Determine that full disclosure financial statements* are presented

Read the financial statements to determine whether there are any obvious departures from generally accepted accounting principles

*Full disclosure financial statements include:

  • Balance sheet
  • Statement of revenues, expenses, and changes in fund balance
  • Statement of cash flows
  • Footnote disclosures
  • Schedule of operating expenses compared to budget
  • Schedule of future major repairs and replacements
Whether we prepare an audit, review or compilation for you, our reports always meet or exceed professional and industry standards. At HAFER Certified Public Accountants and Consultants, you can be assured that our accountants have the experience and knowledge to accurately prepare any type of report you need.

HAFER Certified Public Accountants and Consultants provides additional services for condominiums, cooperatives and homeowners’ associations, as well, including:

  • Tax preparation for the federal Association income tax return and state Association income tax return
  • Filing Form 1120, 1120-H, and F-1120 if needed.
  • Forensic accounting analysis of Association financial statements to detect potential fraud and other irregularities.
  • Special assessment analysis including sales tax compliance, budget work, assisting with accounting for insurance proceeds, etc.

Resources / Statutes

HAFER Certified Public Accountants and Consultants believes that open communication is vital in building and maintaining a good relationship between our firm and you. We pledge to keep you informed and involved at all times and we encourage you to contact us with any concerns.

Call HAFER Certified Public Accountants and Consultants today to discuss your association’s needs and objectives. We have four offices in Florida: Palm Beach (561) 655-8700, Naples (239) 353-8700, Miami (786) 209-3400, and Orlando (321) 445-5055.

Palm Beach, Florida
249 Royal Palm Way
Suite 300
Palm Beach, FL 33480
Phone: (561) 655-8700
  Naples, Florida Office
649 Fifth Avenue South
Suite 200
Naples, FL 34102
(239) 353-8700
  Miami, Florida Office
1200 Brickell Avenue
Suite 1950
Miami, FL 33131
(786) 209-3400
  Orlando, Florida Office
121 South Orange Avenue
Suite 1500
Orlando, FL 32801
(321) 445-5055