Financial Management
- Preparation of monthly financial statements, including:
- Balance Sheet
- Income Statement
- Income Statement Budget Variance
- Detailed Check Register
- Delinquent Accounts Receivable
- Assist in opening and maintaining bank accounts as directed by the Board of Directors.
- Maintain account ledgers and history for each homeowner.
- Prepare and distribute a monthly financial statement to the Board of Directors that includes a balance sheet, income statement, check register report, accounts payable report, and delinquency report.
- Secure the printing and mailing of billing statements to all unit owners.
- Prepare and submit to the Board, a proposed annual budget and assist in the preparation and dissemination of the final budget.
- Perform ongoing budget analysis and continually monitor cost trends in the area to avail the Association of the most economical operational practices.
- Maintain a computerized corporate ledger which includes all receipt and disbursement information.
- Review billing for accuracy in costs and goods received, making checks for approved invoices.
- Maintain a check register and payable journal while performing regular bank reconciliations.
- Upon request, provide individual Homeowners with the status of their own account and coordinate the solution of any discrepancies that may occur between the official record and a Homeowners record.
- Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
- Review and Maintain copies of annual financial statements.
- Assist and cooperate with any outside auditing firm that may be retained by the Association.
- Prepare, process, and distribute IRS Form 1099’s at the end of each calendar year for tax purposes.