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