Accounts Receivable
- Collect assessments/fees and other fees/charges
- Deposit to appropriate association accounts
- Maintain individual unit owner payment records
Past Due Accounts and Collections
- Follow through on collection
- Initiate legal action as required
Accounts Payable
- Issue checks for payment – maintaining timely payment schedule
- Maintain check register
- Maintain credibility with suppliers
- Maintain detailed records – including filing of paid invoices for proof of expenditures
Financial Report
- Prepare monthly Financial Report for submission to Owner, to include:
- Balance sheet
- Income and expense statement with narrative
- Reserve Analysis
- Bank account statements and bank reconciliations
- Check register
- General ledger and transaction journal
- Aged schedule of accounts payable and aged schedule of condominium assessments/fees and other charges
- Management review of financial condition reports including actual monthly and yearly statements
Budgets
- Prepare and submit Annual Budget for review and approval of Owner and applicable regulatory agencies
- Prepare and submit Reserve Budget for review and approval
- Prepare supporting data for review and approval (i.e. life expectancy, replacement costs, etc.)
Audit
- Provide Owner with an audited annual financial report prepared by an independent Certified Public Accountant (CPA)