special assessments

Presentation1

1. 235-972Real Estate—Common Interest Realty Associations235 Notes to Financial Statements

   This Subtopic sets the note disclosure requirements unique to common interest realty associations (CIRAs) — condominiums, homeowners associations, cooperative housing corporations, and time-share associations. Beyond ordinary GAAP disclosures, a CIRA must describe its legal form and the entity it serves, developer services/subsidies and developer-owned units, the proposed use of special assessment funds, and any assessments used for undesignated purposes (235-972-50-1). It must also disclose its funding for future major repairs and replacements (235-972-50-2) and present cost estimates for those repairs and replacements as unaudited supplementary information (235-972-50-3).