Working closely with the board of directors and Reserve Specialists, we develop and manage association budgets, plan reserve and capital improvements, track expenses, control cash flow, prepare required documentation, and prepare for changing market and financial conditions.
Our dedicated and experienced financial team assures your association of best practices to develop fiscal security, all with the knowledge there are reliable checks and balances to ensure accuracy and that owner’s assessment funds are correctly allocated.
- Financial management, reporting, budget development, AR/AP, payroll, and delinquency management.
- Facilitation of tax reporting and audits with professionals specializing in Community Associations.
- Produce Monthly Statements for owner’s assessments, utilities and other costs.
- Accounts Receivable – Receive, post and deposit all income. Offer owners options for payments:
- Check – Return check in envelope provided with monthly statement.
- ACH program – Authorize monthly assessment to be automatically paid from your selected bank account on the 10th of each month.
- Electronic Check – Administer your own automatic payment through the Association’s bank website.
- Credit Card – Pay with your credit card through the Association’s bank website. Most major credit cards accepted.
- Maintain owner account registers for assessments, credits, late fees, and delinquencies.
- Accounts Payable – Pay all expenses and maintain accurate records of expenses.
- Maintain and perform monthly reconciliation of Association’s bank accounts. All accounts are held in the Association’s name and are not comingled with other Associations or the management company.
- Produce detailed monthly financial reports for the Board of Directors.
- Engage and assist a CPA specializing in Community Associations for annual audit requirements.
- Produce and administer annual federal income tax filing for Non-Profit Owners Associations.
- Produce all necessary forms for tax filing purposes to include 1099s.
- Recommend and monitor reserve investing for maximizing interest.
- Budget preparation for Board approval.