Accounting is a major component to running a healthy homeowners association. Accurate and timely financial information allows for informed board decisions. Our accounting team has years of experience and is knowledgeable about all legal aspects associated with homeowners associations.
Accounting Services
- Open and maintain checking account for operations
- Receive, review all payables and prepare for payment as authorized by the Board
- Receive, review and deposit all receivables
- Post all income and disbursements to journals, and post to ledgers each month
- Prepare monthly statement of income and expense
- Prepare balance sheet
- Prepare monthly statement of delinquencies
- Prepare monthly bank reconciliations and summaries
- Assist in preparation of annual operating and reserve budgets for ratification and/or approval
- Invoice property owners as requested by the Board
- Assist CPA in preparation and filing of annual tax returns
- Send late notice after due date to each delinquent property owner in accordance with association’s collection policy
- Notify the Board of need to transfer funds to/from savings
- Prepare and send Assessment and Status Statement upon transfer of ownership. There is a fee for this service billable to the closing transaction agent
- Prepare and mail notices, proxies, ballots and agendas
- Receive and process inquiries and complaints regarding assessment payments
- Consult with association counsel regarding collections
- Create draft Annual Budget if requested
