Accounting & Financial Services

Prepare the annual operating budget

  • Assist board with budget development
  • Prepare and submit final budget and letter of explanation to co-owners

Facilitate updating reserves study and evaluate its recommendations annually

Preparation of monthly financial reports

  • Use of modified accrual method of accounting
  • Financial statements prepared by experienced accountants on staff
  • Income & expense statement (current month and year-to-date) for operations and reserves
  • Balance sheet (statement of financial position)
  • General Ledger
  • Receipts and disbursements summaries (listing receipts by source and details of each check issued)
  • Comparison of actual and budgeted year-to-date income & expenses with variances

Collection of assessments

  • Automatic withdrawal (ACH Debit) for payment of assessments
  • Payment coupon book (association expense)
  • Opening and maintaining banking accounts
  • Maintain income/receivable journals with records of individual co-owner accounts
  • Prepare monthly schedules of prepaid and delinquent assessments
  • Statements and/or collection letters to delinquent co-owners
  • Assist attorney when necessary

Disbursements

  • Maintain & monitor payment schedule to be certain all invoices are paid on time
  • Maintain disbursements and payables journals and individual vendor/contractor records
  • Copies of paid invoices sent to treasurer each month

Checking account reconciliation

Payroll accounting, if necessary