Financial Services:

       

Preparation of monthly financial statements, including:

• Balance Sheet

• Income Statement

• Income Statement Budget Variance

• Detailed Check Register

• Delinquent Accounts Receivable

 

·   Assist in opening and maintaining bank accounts as directed by the Board of Directors.

·   Maintain account ledgers and history for each homeowner

·   Prepare and distribute a monthly financial statement to the Board of Directors that includes a balance sheet, income           statement, check register report, accounts payable report, and delinquency report.

·   Provide individual statements for members and accept electronic payments online (optional)

·   Prepare and submit to the Board, a proposed annual budget and assist in the preparation and dissemination of the final     budget.

·   Maintain a computerized corporate ledger which includes all receipt and disbursement information.

·   Review billing for accuracy in costs and goods received, making checks for approved invoices.

·   Maintain a check register and payable journal while performing regular bank reconciliations.

·   Upon request, provide individual Homeowners with the status of their own account and coordinate the solution of any         discrepancies that may occur between the official record and a Homeowners record.

·   Maintain a comprehensive ‘bills-paid’ file that shall be open to inspection (by appointment) by the Members of the                 association.

·   Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in             collecting, recommend the appropriate legal action.

·   Review and Maintain copies of annual financial statements.

·   Assist and cooperate with any outside auditing firm that may be retained by the Association.

·   Prepare, process, and distribute IRS Form 1099’s at the end of each calendar year for tax purposes.

 

Accounts Receivable

Deposits records are entered into the accounting system so that timely receivables and delinquency reports can be provided to the Property Supervisor and Board of Directors in a timely manner.  Our Accounting Manager regularly reviews Financial Statements for proper accounting.

 

Accounts Payable

All invoices must be approved by the property Supervisor, and the Board of Directors before payment is made. 

 

For larger needed repairs or replacements our property Supervisors inspects the needs of the property and obtains at least three competitive bids. We require all contractors to provide us with proof of insurance and licensing information before a contract is issued. All approved proposals require Board approval prior to work being scheduled.