We will manage the day-to-day financial affairs of your Association, including the collection of Association assessments, sundry income and delinquencies, maintenance of Association accounts, processing of association payables, production of monthly financial reports, preparation of the annual budget, etc.
Collect Association funds
- Applicable monthly or quarterly maintenance assessments (Management’s issuance of monthly billing statements is negotiable)
- Other assessments – Special, Insurance, Late Charges, Interest, Rule Violation Fines, etc.
- Reimbursements and income from sale of goods or services
- Parking, storage, laundry, club room and deposit income
- Interest income
Assist in the collection of delinquent assessments
- In accordance with policies prescribed by the Board:
- Issue Notices of arrearage
- Levy late charges and interest
- Negotiate, implement and enforce individual payment plans
- Refer delinquent accounts to and coordinate action by legal counsel through:
- Demand letter
- Notice of Intent to File Lien and Lien
- Small or Large Claim Action
- Foreclosure
- Garnishment, Receivership, etc.
Maintain Association Accounts
- As prescribed by the Board, deposit all funds received into the appropriate accounts, i.e.:
- Operating Account – Management shall be signatory. Minimum and maximum account balances shall be maintained, as dictated by Board
- Reserve Account(s) – Board Members or Officers shall be signatories and withdrawals shall require two signatures
- Receive and reconcile monthly Account statements
- Recommend Reserve Account investment options toward realizing the highest liquidity, safety and interest income
- Maintain detailed records for the various Reserve Funds within accounts, if appropriate
Process Association Payables
- Process Payroll (if applicable):
- Maintain detailed labor utilization records via work cards, time reports, etc.
- Issue payroll checks as policy prescribes i.e. weekly, bi-weekly, semi-monthly, and monthly
- Prepare all employee related governmental reports and pay payroll taxes when due
- Pay all recurring bills (as applicable):
- Sewer and Water
- Heating fuel
- Electricity
- Equipment leases or purchase agreements
- Maintenance contracts
- Taxes, mortgage, etc.
- Pay all bills for goods and services ordered by management or, through purchase order, by employees.
- As prescribed by Board, transfer money from Operating to Reserve, Reserve to Operating, and where applicable, from one Fund to another within the Reserve Account
- Properly verify all bills for actual receipt of goods or services prior to payment and at no time expend more than prescribed by Budget or Board directive. Note: Excepting emergencies or situations which might adversely affect life, health, safety or the property, Management shall not incur a single expense in excess of $500.00 without Board approval
Maintain detailed records and furnish monthly financial reports noting income, expense and budget comparisons consisting of:
- Operating and Reserve account general ledgers showing beginning balances, monthly activity and ending balances
- Check Register showing check number, date, vendor/payee, invoice number / description, general ledger account number and amount
- Income and Expense summary showing monthly and year-to-date budget and actual amounts in a line item format
- Owners Receivable / Prepaid Report showing Unit Owner assessments due or pre-paid
- Bank account statement copies
Assist in the preparation of annual budgets, financial reports, audits, tax returns and reserve studies:
- Management shall, on or about 60 days prior to the end of the Budget year present to the Board, a proposed Budget for the coming year
- With Management support, coordination and documentation, an appropriate ‘third’ party shall prepare:
- Annual Financial Statements, Compilations, Audits
- State and Federal Tax Returns
- Personal Property Tax Return
Prepare and distribute statements of account:
- Individual Unit account statements as prescribed by policy i.e., monthly, quarterly, annually
- Statements of account in conjunction with Unit sale or refinancing, and, as needed, collection action