HOA Board Message
MESSAGE FROM THE HOA BOARD THE HOA CERTIFIED ANNUAL AUDIT Submitted by: Sid Jacobs, Board Treasurer
Since 2011, our Cresswind Community has received a Certified Annual Audit or Annual Review by an Independent third-party Certified Accounting Practice. A Certified Audit expresses an opinion on two aspects of our Financial Statements: • That the Financial Statements are fairly presented and in accordance with Generally Accepted Accounting Principles (GAAP). The purpose is to promote consistency and fairness in financial reporting throughout the business community. • An audited Financial Statement is for the benefit of outside users such as banks, government agencies, and membership or groups such as our HOA. The audit consists of interviews, questionnaires, and testing. This process of sample testing includes cash receipts and cash disbursements including reviewing a sample of our bank accounts activity. The questionnaires include explaining any significant variances in accounts from one year to the next. Interviews are held with Staff Members, Board Members and our Legal Counsel to ensure consistency and internal controls are followed. Any actual occurrence of fraud or inconsistencies are immediately brought to the HOA Board’s attention. In addition to the Certified Audit, we
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receive a Management Letter which will show weaknesses and suggestions for improvement. I am pleased to announce that the 2021 Certified Audit opinion is as follows: “The Financial Statements of the Cresswind HOA present fairly, in all material aspects that the assets, liabilities, and fund balance as of 12/31/2021 and its revenue and expenses, and changes in the fund balance for that period.” If one views the values and responsibilities of the Board of Directors on the Cresswind website, the need for a financial audit is assurance to our residents as follows: • Integrity • Ethical Governance • Fiscal Responsibility • Respect • Best Practices • Prudent Financial Judgement in the use of our community funds and assets • Conduct Association business with transparency The 2021 Annual audit is posted to the Cresswind website for review. Thanks to our First Service Residential Staff and my fellow HOA Board Members for another successful year in 2021 and look forward to meeting our values and responsibilities again in 2022.
The WATERFALL
May/June 2022
