|
|
|
Fiscal Management Services
Assessment and Miscellaneous Income Collection 1. Establish and maintain bank accounts: a. A separate checking account will be established in the name of Association. b. Savings accounts will be established in the Association’s name, for stipulated reserves, at the best rate available taking into consideration the necessity for preserving liquidity.
2. Provide each Co-Owner with payment coupons and applicable instructions for the Association Dues program, upon receipt of information supplied by a previous management company or the Association. Also provide the ability to pay Association dues with credit card, debit card and/or reoccurring check online or in our office.
3. Initiate and
maintain a complete assessment collection
4. Post miscellaneous
receipts in coordination with the total
5. Maintain a cash receipts journal.
6. Prepare monthly bank reconciliation.
7. Reconcile petty cash reports as required so as to reimburse the petty cash fund, if applicable.
8. At the end of each month, generate a complete cash receipts summary, listing all Co-Owners who are: a. Delinquent b. Other necessary information
Delinquency Procedure
1. Initiate and maintain a delinquency
procedure
2. Based upon the 15th's receipts received by the Association's bank and/or Stamper and Company, each month generate:
a. Delinquency report to the Board of Directors showing: 1. assessments due 2. amount of utilities due (if applicable)
3. special and/or additional assessments due 4. legal charges (if applicable) 5. miscellaneous 6. late charges (if applicable) 7. balance (as of the date of the report) b. Delinquency letter to be sent to the Co-Owners in arrears indicating what is owed to the Association: 1. one month in arrears letter (reminder)
2. two months in arrears (also can be used as 3. unit for sale and assessments owing letter 4. late charges only owing letter
5. when necessary, personalized letter and
3. Coordinate with the Association's attorney, upon the written directive of the Board of Directors and/or adopted procedure: a. Recording and discharging of lien b. Money judgments c. Foreclosure proceedings d. Receiverships e. Other
4. Coordinate re-payment programs of: a. Money judgments b. Garnishments c. Other
5. Receive and respond to telephone inquiries by Co-Owners regarding their account status.
6. Submit month-end
delinquency report to the Board of
Cash Disbursements 1. Develop Chart of
Accounts and interface with
2. Initiate and maintain a purchase order system, if required.
3. Prepare all invoices for payment,
interfacing the
4. Correct invoice errors with appropriate
communication
5. Prepare the following payables for payment, with the Board of Directors’ approval, if required: a. Utilities b. Contracts c. Insurance premiums d. Legal and accounting invoices
6. Initiate and maintain a
petty cash accounting system, if
7. Generate checks for all approved payments and mail to vendors.
8. Post and maintain a cash disbursement journal with appropriate interfacing with the general ledger.
Budget Process 1. Sixty days prior to the beginning of a new fiscal year, a draft budget will be submitted to the Board of Directors, and they will be assisted in the preparation of the final Association Budget.
2. Upon adoption of the budget, distribute the new budget to all Co-Owners with instruction and new payment coupons if necessary ( as directed by the Board).
General Ledger and Financial Statements 1. Initiate and maintain the general ledger, interfacing the cash receipts, disbursements, and necessary journal entries.
2. Prepare monthly financial statements on an accrual basis of accounting including: a. General ledger b. Balance sheet c. Statement of Income and Expense (compares with budget indicating variances) d. Check register e. Accounts receivable listing f. Other statements necessary (i.e. reserve schedule)
Additional Accounting Services Provided 1. Assist the Association's auditor during audit (normally 15 to 20 hours of staff time involved).
2. Initiate and maintain all accounting files.
3. The Association will be responsible for check costs, bank charges, stationary costs and postage, duplication or copy costs arising from Association business and mailings.
|
|
|
Real Estate Property Management
|
|
|||||
 |
|
 |
|||
|
|
