CPA firm WithumSmith+Brown, PC (Withum) Partners Tom Durkee and Lena Combs announced their offices (formerly known as Averett Warmus Durkee, CPAs) will once again undertake their highly acclaimed comparative review of Florida timeshare homeowner associations’ (HOAs) financial performance. Results of their first study were released in January of 2011 and covered data accumulated from approximately 100 Florida timeshare resorts comparing seven years of historical information. This year’s study will encompass thirteen years of history.
At that time ARDA President Howard Nusbaum commended them for undertaking the study and releasing their findings to the community at-large saying, “The information will probably substantiate what many resort operators are already finding to be true and in other cases, it may prove to be a wake-up call,” he said in recognition of the study’s value to resort operators throughout the timeshare industry.
“In past years, the study enabled us to reach several important conclusions about Florida timeshare associations, which were applicable throughout the industry,” says Durkee. “These included factors such as the need for HOAs to improve their budgeting for bad debt expenses and to take a closer look at estimates for the allowance for uncollectible accounts, for example. It will be interesting to see how findings from the current year’s data stack up against past years.”
“The creation of this study requires us to undertake an intensive research project to empirically review HOA financial statements, budgets and operational data over multiple years,” says Combs. “We now have a substantial database of information accumulated over the years from which we will be able to draw conclusions. I’m sure these will be of value throughout the extended community of HOAs, resort operators and developers both in Florida and elsewhere.”
For more information about the project, contact Lena Combs (LCombs@Withum.com) or Tom Durkee (TDurkee@Withum.com) at (407) 849-1569. To request a copy of the study, send an email request to jliem@Withum.com and include your name, company name, phone number and email address.
About WithumSmith+Brown, PC
One of the nation’s 30 largest accounting and consulting firms, Withum operates offices in New Jersey (including its Princeton headquarters); New York City, NY; Philadelphia, PA; Boston, MA; Orlando, FL; Aspen, CO; and Cayman Island. Withum also is a member of HLB International, a worldwide network of independent professional accounting firms and business advisors committed to assisting clients build and expand globally. For more information about Withum’s timeshare division, please contact Lena Combs (LCombs@Withum.com) or Tom Durkee (TDurkee@Withum.com) at (407) 849-1569 or visit http://www.withum.com.