CIRA (Common Interest Realty Association) is the name given to the home-owner, condominium, cooperative and time-share associations responsible for governing the common interests of its individual members. It is a unique form of property ownership and management, requiring specialized knowledge in the ways of sound financial planning, operations and compliance with relevant tax laws.
Working with CIRAs is one of Barrett & Scibelli’s strong areas of specialty. We know the ins and outs of how they are created and managed, the latest and best practices for proper governance, and the accounting and auditing practices that are required to remain a financially sound and vibrant group of property owners with a shared stake in the community’s future.
Our expertise includes:
- audit, review and compilation of financial statements
- tax return preparation specific to CIRA’s
- forecasting, budgeting and funding for operations and future expenditures
- reporting on required supplementary information
- accounting for the transfer of control from CIRA’s to property owners
- presenting to the board of trustees and property owners