Goldklang Group CPAs, P.C. (formerly Goldklang, Cavanaugh & Associates), has been serving condominiums, cooperatives and homeowner  associations in the Washington, D.C. area since 1974.  We are proud of over 30 years of specialized  experience in community association financial, auditing and tax services.

GGCPAs is committed to:

• providing the finest auditing, accounting, tax, and management advisory services
• helping each client reach its maximum potential
• maintaining a local identity and personal relationship with each client
• contributing to our community and our profession

ALERT!

Today, with the current instability, substantial operating losses, and troubled loan portfolios of many banks it is important to carefully review and evaluate your banking relationships and the account balances at each institution.  Further, with the recent federal bailout, some FDIC rules have been altered.  So, what can you do and what should you know?

We recommend, at a minimum, the following:

1. The FDIC limit has been increased to $250,000 per financial institution.  Make sure your accounts at any one institution do not exceed this limit.  The legislation authorizing the increase in deposit insurance coverage limits makes the changes effective October 3, 2008 through December 31, 2013.

2. Place your reserve funds at an institution different than where you maintain your operating account.

3. Consider treasuries as a good safe alternative for reserve funds.

4. Periodically check the ratings of the banks where your operating and reserve funds are maintained.  The FDIC’s website has a list of private companies that publish ratings on banks.  We found Bankrate, Inc. very useful and it offers certain information for free, while other companies charge.

Please do not hesitate to contact us if you have any questions or if we can be of additional assistance. You can also visit My FDIC Insurance for more information on the new standards.