HOA Financial Services

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.