Year End Checklist for Treasurers
(Or others responsible for the financial matters of an Association)

1. Choose a CPA to perform the year-end audit, if required by Washington law or if the Board determines that an audit is appropriate.


2. Review the year end outstanding assessments receivable for potential bad debts and determine if there are accounts which need to be written off the books. Determine if there are other accounts for which an allowance for bad debts needs to be setup.


3. Determine that the year end payroll and independent contractor reports are completed and mailed out by their deadlines. This includes W-2s and 1099’s which are due January 31st.


4. Make sure all tax returns are filed in a timely manner or that extension is filed. Make any necessary income tax elections, such as Revenue Ruling 70-604. Many CPAs feel that this election should be made annually no matter what tax form is filed. This is generally done at the time of the annual meeting.


5. Repay any monies due to or due from the replacement fund (reserves), if at all possible. If not possible, document how the repayment will occur.


6. Analyze the year end financial statements and make any corrections before finalizing for the year. Do NOT change the financial statements after submitting them for audit.


7. Analyze the year end financial statements and make note of unusual items and provide this to the auditor and include analysis in your year end treasurer’s report.


8. Get ready for the new year! Ensure the new budget is approved. Adjust assessment amounts to agree with the new budget. Use any financial lessons learned from the prior year and apply to the next year.