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Financial & Accounting
Monthly Statements & Invoices- Full financial information on all income sources, including interest income, late fees and penalty fees. Website under construction for direct access.
- Detailed line expense items in customized account codes that suit your association's activities.
- Additional reports: Balance Sheet of Assets and Liabilities; Owner Account Ledgers; Delinquency Reports and Attorney Fees & Costs; Vendor Reports and Custom Chart of Accounts.
- Complete written invoices on bills pending to be paid monthly special payment requests and disputed contractor billing.
Bank Reconciliation- Annual budget preparation encompassing both Zero and Historical Based Budgeting techniques.
- Line item estimates for each expense account supported by contracts, reliable forecasts, bids and board experience.
Deposits & Collections- Collection of all assessments, special assessments, payments and other income with computerized accounting date entry.
- Rapid initiation of delinquencies notices ad attorney referrals on late payments and personal contacts to remedy the defaults.
- Close monitoring of delinquent owner's accounts to resolve conflicts and record payments and late fees.
- Assist with the filing of liens for payment and possession of the unit to assure payment of assessments.
Reserve Funding- Recommend a reserve study be initiated to create a current report on the condition of all the major assets and improvements of the Association.
- Examine the life cycle of each major component of physical structure of the complex to determine its expected remaining useful life.
- Evaluate the current replacement costs and future anticipated income requited to fund the replacement asset.
Special Assessments- Review the history of special assessments and the current requisite for a onetime or period special assessment.
- Update the Reserve Study of Life Cycle Report to evaluate all deferred maintenance replacement assets.
- Compare an assessment increase or mortgage financing to invoking a special assessment.
- Work with the Board and special ad hoc committee to support recommendations to the owners.
- Assist with securing bank loans when necessary.
Late Fee Policies- Review and update the policies for collection and late fees so as to comply with the Federal Fair Debt Collection Act.
- Implement published procedures to handle late payments and delinquent accounts, including workout provisions in extraordinary situations.
- Examine legal procedures to fine liens, perfect judgments and obtain possession.
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