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
