Prepare the annual master operating budget

• Assist board with budget development
• Calendar the annual expenses
• Submit final budget and letter of explanation to co-owners

Assistance with long term budget reserves

Preparation of monthly financial reports

• Use of modified accrual method of accounting
• Financial statements prepared by trained accountants on staff
• Income & expense statement (current month and year-to-date) for operations and reserves
• Balance sheet (statement of financial position)
• General Ledger
• Receipts and disbursements summaries (listing receipts by source and details of each check issued)
• Comparison of actual and budgeted year-to-date income & expenses with variances

Collection of assessments

• Automatic withdrawal (ACH Debit) for payment of assessments
• 12 month payment coupon book (association expense)
• Opening and maintaining banking accounts
• Maintain income/receivable journals with records of individual co-owner accounts
• Prepare monthly schedules of prepaid and delinquent assessments
• Statements and/or collection letters to delinquent co-owners
• Assist attorney when necessary

Disbursements

• Maintain & monitor payment schedule to be certain all invoices are paid on time
• Maintain disbursements and payables journals and individual vendor/contractor records
• Pay invoices per board policy
• Copies of paid invoices sent to treasurer each month

Checking account reconciliation

Payroll accounting, if necessary