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Scott, president of a "Full
Eagle" Nonsupervised Mortgagee, near Sacramento, California, has
engaged Phil to perform its FHA HUD audit as far back as the late
1980s.
"With ever-growing regulations
of the Department of Real
Estate (DRE) and the Department
of Housing and Urban Development (HUD), we have been required
to learn and grow and to adhere to those regulations, in order to
achieve our expanding vision.
Mr. Foster has grown with us,
and we have been satisfied with our relationship and with him as our HUD auditor."
— Scott S, Optimum
Financial Services Inc d/b/a Optimum Mortgage Services, Lincoln, CA
Assess the Benefits of a Timely HUD Audit!
Whether, as a mortgage company
owner, you require a Certification HUD Audit, in accordance with Generally
Accepted Auditing Standards (GAAS), or a Recertification HUD Audit, in accordance withGenerally
Accepted Government Auditing Standards (GAGAS) and Consolidated
Audit Guide for Audits of HUD Programs, either as a "Full
Eagle" Nonsupervised
Mortgagee or a "Mini-Eagle" Nonsupervised
Loan Correspondent, Phil will focus on getting the job done
for you!
Homeowners' Associations:
Financial Statements/Taxation/Budgets
Leslie was the treasurer on the
Board of Directors of Quail Run/Curtner Glen Homeowners Association.
After coming home from a long
day at work, her first priority was to maintain the peace and love
within the walls of her home, rather than to make sure she met all of
the regulations of the Department of Real Estate, Civil
Code Section 1365-1365.6 (Davis-Stirling Act) , the
intracacies of the Internal Revenue Service, and the various standards
of financial statement reporting, promulgated by The American Institute
of Certified Public Accountants.
"Phil has aided the Board of
Directors of our homeowners association in maintaining a realistic
approach to complying with all of its requirements,… since
1988…and without catastrophe! Thank you, Mr.
Foster!”
— Leslie P, Campbell, CA
In addition to offering
treasurers of homeowners associations, such as Leslie, peace of mind,
Phil has prepared compliant operating budgets, according to Operating Cost
Manual for Homeowner Associations, and reserve budgets,
according to Reserve
Study Guidelines for Homeowner Association Budgets, for
decades!
Especially noteworthy was that
Phil led the revolution of homeowners association accounting and income
taxation, in the early 1980s! Taking advantage of uncommonly-known Tax
Code, Regulations and Official Guidance, Phil reduced the tax rates
homeowners associations were paying from 46% down to 15%, providing a
full two-thirds in income tax savings!
Indeed, after having his many
articles published, in ECHO
Journal, and after delivering presentations at numerous
seminars, sponsored by Executive
Council of Homeowners, the industry of accounting and
taxation for homeowners associations was turned upside down, and what
was revolutionary thinking, in the early 1980s, is now considered
commonplace!
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