Financial and Accounting HOA Management Services
One of the greatest exposures to a volunteer Association Board of Directors is the proper accounting for and application of homeowner assessments. Ongoing operations must be realistically appraised and budgeted, cost-efficient changes need to be identified and considered and long and short-term maintenance and replacement reserves should be funded to prevent financial hardship on the members and necessity of "special assessments."
As Association Managers, we address these issues. In addition, we provide monthly detailed financial reports to the Board.
The financial component of association management includes:
- Billings, collecting and accounting for all member assessments (quaterly or monthly, as preferred)
- Assure proper accounting of assessments upon closing of home sale
- Preparation of annual financial summary, budget and operating projections for Board consideration, input and approval
- Verification and payment of all invoices on behalf of the Association
- Assist with the timely and accurate preparation of the Association's annual tax return
- Invest, as directed by the Board, all reserve replacement and excess funds into interest bearing accounts which accrue to the benefit of the Association
- Preparation and distribution (as direceted) of detailed monthly financial statements. These statements, among the best in property managment, include listings of:
- The prior month's assessment collections
- A schedule of individual disbursements by vendor, category and amount
- A budget variance report, both for month-to-date and year-to-date
- Any unpaid assessments, by homeowner
- Trasfers to or from the reserve accounts and/or operating accounts
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