Complete In-House Accounting Service
- Maintain accurate, itemized, and detailed records of all receipts and expenditures
- Collect owner assessments utilizing coupon payment books.A current accounting of each member’s balance will be maintained designating the name and account/unit number of each member, the due date and amount of each assessment or charge against the member, the date and amount of each payment on the account and the balance due.
- Send delinquent notices
- Prepare purchase orders and process invoices
- Prepare checks to disburse funds, on a regular and punctual basis, necessary to pay all obligations of the Association as provided in the annual budget.Association shall determine account signatories
- Prepare financial statements on a modified accrual basis at the end of each month in accordance with generally accepted accounting principles
- Submit monthly to the Board of Governors of the Association
- A monthly statement of delinquent accounts
- A monthly statement of prepaid accounts
- The balance sheet showing all assets and liabilities, the net income or loss for the period, and the owner’s equity
- An income statement showing receipts and expenditures and the budget to actual comparison
- The general ledger
- The reconciliation of all banking accounts with a copy of the bank statement
- Prepare a year-end balance sheet, a statement of revenue and expenses (income statement), and a reserve disclosure for distribution to membership
- Coordinate the preparation and filing of all necessary tax forms with an accountant chosen by the Association
Annual Budget Preparation
- Prepare a detailed annual Operating Budget for Board review
- Prepare a detailed annual Reserve Budget and Reserve Budget Disclosure calculated by either the straight-line contribution method or the cash flow contribution method
- Present and explain the Annual Budget to the Board of Governors and, if necessary, to the general membership at a meeting held for such purpose
Annual Insurance Coverage Review and Analysis
- Define the requirements for insurance in the legal documents of the Association
- Analyze and calculate the replacement value as required annually
- Obtain Board approval for updated coverage for the approaching insurance year
- Obtain bids from insurers and upon Board approval, place the insurance coverage
- Process and follow-through on all insurance claims
- Advise and consult with the Board on other advisable coverage such as Directors and Officers Errors and Omissions, Fidelity Bonding, Employee Dishonesty, and Workers Compensation