Financial Services
 
It is said that the success of any Condominium or Homeowner Association is in the strength of its finances. Each Association should have a sound reserve account for capital improvements as needed and a sound operating account in order to meet its monthly obligations. 

The Accounts Receivable Department collects and deposits assessments into a separate operating bank account in the Associations name to avoid co-mingling of funds. Collecting the assessments accurately and comprehensive timely reporting ensures that each Association’s obligations are met in a timely manner.

We place great emphasis on our financial services and our proven ability to manage our clients' funds. All accounts are managed by a network computer system, utilizing TOPS software, a leading property management accounting software designed specifically for the Community Management industry.

Specific accounting services that we offer are:

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Bank Accounts.
Assure that all operating, reserve and other accounts are properly set-up, maintained, and reconciled.  Internal controls are in place to protect the Association funds.

Collections.
Enforce collection of monthly/annual assessments and other charges. Maintain aggressive follow-up action on all unpaid assessments or fees. Administer an automatic withdrawal program for homeowners who wish to have their monthly assessments automatically deducted from their bank account.  Coordinate filing of liens and foreclosures. Administer and monitor bankruptcy collection and lender foreclosures. We have a trained collection department to work on all delinquent accounts.

Resident Ledgers.
Keep accurate records of homeowner occupancy and receipts. Distribute coupon-billing booklets to all current and new homeowners.

Lockbox Service.
Provide a lockbox service to ensure timely daily deposits and credits on homeowner account.

Payroll.
Approve time sheets, distribute payroll and prepare necessary tax reports for all on-site personnel.

Budget.
Provide assistance with the annual operating budget for review and approval by the Board and/or Association. Help the Board maintain a long-range capital replacement reserve schedule.

Invoices.
Pay all invoices weekly in accordance with the budget. Provide copies of all bills and invoices paid from the Association's account if requested.

Financial Statements.
Prepare monthly financial statements showing total monthly and year-to-date activity by line item. Compare budgeted income and expenses to actual income and expenses and suggest corrective action to the Board when advisable.  The Board of Directors receives the monthly reports in advance of the Board Meeting. Use “cash basis” accounting so that Homeowners can easily read and follow the Association's finances.

Audit.
Assist the Association's outside accountant/auditor in performing the annual audit/review and federal income tax preparation.

Reserve Study.
Assist the Association’s outside reserve specialists in performing the reserve study.

“Personal Attention & Quality Service”

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This site is provided by
Complete Property Management Group, Inc.
dba Management Plus Realty Service