Question:
Is HOA required to list common areas of the sub-division as an asset on their balance sheet?
– Tom
Answer:
Hi Tom,
Long-term assets include property, plant, and equipment, which can be the category for common facilities. That said, it’s best to consult your accountant or HOA management company for clarification.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
