FINANCIAL MANAGEMENT SERVICES
Financial Management
Owner Assessments
- Secure a contract to prepare & send coupon books to all Owners
- Administer & track timely collection of assessments
- Deposit funds in Association accounts in a timely manner
- Send late notices to Owners as required per documents
- Report delinquent accounts to the Board of Directors
- Establish collection letter schedule based on Collection
Resolution currently in place
- File referrals to the Association’s Attorney for collection
- Document correspondence & actions regarding collections
- Report status to Board in a monthly Management Report
Administration
- Manage payables for all current Association contracts & vendors
- Provide timely payment & accurate posting of the Association expenses
- Secure proposals for Insurance Policies, Pool Services, Reserve Study,
Audits, Lawn Care, Coupon Books, required preventative and routine
maintenance items and others as needed
- Generate contracts for the protection of the Association for work to be
performed by outside vendors via proposals accepted by the Board
- Create Newsletters to inform Owners and Residents of Board Activities
and other pertinent items and information concerning the
Association using Board provided articles
- Provide after-hours emergency support as required
Financial Reporting
Provide Board with financial reports including but not limited to:
- Balance Sheet
- Income Statement
- General Ledger
- Accounts Payable Detail
- Summary of Budget vs. Actual
- Aged Owner Report (Delinquent Payments)
- Bank and Certificate of Deposit Statement Reconciliations
Prepare Annual Budget
- Assist Board in preparation of the Annual Budget using
comparatives, history, and the Board’s plans for projects in the
upcoming year to create a budget and assessment recommendation
- Proposed Budget will be provided as required by the Association
Audit and taxes
- Assist Association’s Accountant in performing audits & tax returns
- Insure the Board’s direction on Association investments are carried
out in a timely manner
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