Audit Services for Real Estate Co-operatives and Condominiums
Real estate co-operative and condominium boards need more than just financial statements — they need an audit that residents can trust, lenders will accept, and regulators respect. At Revonary, we bring clarity to complex finances so boards can lead with confidence.
Tax Planning Guide for Small Business Owners
Audit & Assurance Solutions Built for Real Estate Co-Operatives and Condominiums
When financial records aren’t clear or deadlines are missed, problems snowball quickly. A well-executed audit ensures your board can answer every question with certainty and keep your building’s operations moving forward.
A Clear, Practical Audit Process
Every building is different, and so is every audit. At Revonary, we start by learning how your real estate co-operative or condominium operates — from how maintenance fees are collected to how reserve funds are managed. Then we design an audit plan that focuses on the areas that matter most to your board and your residents.Our process is straightforward:
- Understand your building: We meet with board members and managing agents to understand your financial structure.
- Focus on key areas: Maintenance charges, reserves, taxes, and compliance with your bylaws all get close attention.
- Deliver clarity: We provide audited financial statements your board can rely on.
From Audit to Insight
A real estate co-operative or condominium audit is more than a set of financial statements. We review the areas that matter most to boards, residents, and lenders, giving you confidence that your building’s finances are in order.
Our audits typically include:
-
Financial Statements: Balance sheet, income statement, and cash flows prepared in accordance with GAAP.
-
Maintenance & Common Charges: Testing to ensure revenues are recorded and collected properly.
-
Reserve Funds: Verification and disclosure of reserve balances to meet lender and resident expectations.
-
Internal Controls: Review of processes for handling fees, payments, and building expenses.
-
Compliance: Ensuring your financial reporting aligns with state requirements and building bylaws.
.jpg?width=2000&height=1333&name=looking-at-monitor%20(1).jpg)
What to Expect from the Real Estate Co-Operative and Condominium Audit Process
Our approach is designed to make your annual audit clear, efficient, and useful for your board and residents. Here’s how we handle it:
Planning & Risk Assessment
We begin by understanding your building — how maintenance fees are collected, how reserves are managed, and where financial risks might arise. This ensures the audit focuses on the areas that matter most to your board.
Fieldwork & Testing
Our team reviews your books in detail, from common charges and operating expenses to reserve fund balances and property taxes. We test transactions and controls to confirm accuracy, compliance, and transparency.
Findings & Reporting
We deliver financial statements that meet lender, regulator, and bylaw requirements. Your board receives a clear picture of the building’s financial health, along with any recommendations for stronger controls.
Ongoing Support
Our role doesn’t end when the report is issued. We’re available year-round to help board members and managing agents address resident questions, prepare for financing, and navigate financial reporting with confidence.
Why Choose Revonary?
At Revonary, we believe the audit process should be as straightforward as possible for your board.
That's why we prioritize clear communication, quick responses, and minimal disruption, so you can stay focused on running your building. Our team works closely with boards and managing agents, making sure questions are addressed promptly and deadlines are met without stress. The result is an audit experience built around service, not just compliance.
Average Client Rating
At Revonary, our clients don't just love the work they do – they love everything about working with us.
Net Promoter Score
Our NPS is well above the accounting industry average of 39.
Would Recommend Revonary
We're committed to excellence in everything we do – so much so that nearly 9 out of 10 clients would recommend us to a friend or colleague.
Get Started Today
Reach out to our team today to take the first step on your journey toward financial clarity.
Frequently Asked Questions
Don’t see an answer to the question on your mind here? Drop us a note and one of our team will reach out with the insights you’re looking for.
Most real estate co-operative and condominium bylaws require annual audited financial statements. Even when not required, lenders and prospective buyers often expect them, making an annual audit a smart best practice.
We typically request financial statements, bank records, invoices, reserve fund details, and board meeting minutes. We’ll give you a clear request list at the start so there are no surprises.
If we find gaps or weaknesses, we provide recommendations your board can act on. Our goal is not just to flag issues, but to give you practical ways to improve your financial processes.
Fees vary based on the size and complexity of your building. We provide clear pricing upfront so your board can plan ahead.
The financial principles are the same, but real estate co-operatives and condominiums have different ownership structures and reporting requirements. A real estate co-operative audit typically involves shareholder equity and maintenance fees, while a condominium audit focuses on common charges and association finances.
Audited financials give residents confidence that funds are being managed responsibly. They also provide transparency on reserves, expenses, and assessments, which helps prevent disputes and builds trust in the board.
Case Study
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc malesuada, purus a egestas luctus, tellus lacus efficitur leo, convallis molestie lectus nibh sit amet urna. Aenean dapibus, velit ac eleifend auctor, tellus ante finibus purus, eu cursus turpis quam vel mauris. Integer condimentum nunc sed orci sollicitudin efficitur. Vivamus non lacinia magna, fringilla convallis nisi. Donec pellentesque nunc diam, ut imperdiet nisl imperdiet id. Fusce quis sapien placerat, placerat libero a, volutpat quam. Etiam sagittis rhoncus est, non suscipit odio viverra consequat. Morbi posuere malesuada nibh quis semper. Phasellus dictum sed mauris in sagittis.
The New Tip Income Deduction: What Service Business Owners and Their Employees Need to Know
The Hidden Tax Trap in the New SALT Rules: What High Earners Need to Know
Cash Balance Plans for Doctors: Physician Retirement Planning
What Our Clients Say About Us
Get Started Today
Reach out to our team today to take the first step on your journey toward financial clarity.
Newsletter Sign Up
Once a quarter, we send a newsletter packed with high-value insights from our team. Sign up today to stay up-to-date with all the latest news from the Revonary team.