HOA Financial Services
HOA Financial Management
Here is a list of the various financial services we provide our clients:
- Prepare a year to date budget verses the actual income and expenses, showing monthly figures.
- Submit monthly, a financial summary of all receipts, disbursements and collections.
- Prepare a monthly balance sheet.
- Prepare monthly copies of the bank statement and checks.
- Provide a monthly profit and loss statement.
- Review and approve payment for all vendor services, prepare and mail checks for payment.
- Collect monthly/annual assessments and special assessments, deposit all receipts in a FDIC insured banking institution.
- Maintain banking records of all homeowners payments and provide the Board a monthly delinquency report.
- Send monthly late notices to delinquent homeowners.
- Board treasurer will be able to speak personally to our finance person if they have questions.
- Coordinate State/Federal tax filings with association CPA.
- Timely evaluation of budget to look for ways to reduce expenses but not affect the delivery of services.
- File annual corporate registration.
- Bank lock box for all assessment payments.
- Payments can be made by check, online banking, ACH or credit card.
- Prepare in conjunction with the Board the annual budget.
- Mail the annual budget to the membership.
- Provide resources for a capital reserve study.
- Our collection rate is 97% - 98% within 12 - 18 months.