Financial Services

Our firm recognizes that fiscal responsibility is of utmost importance to Boards.  As such, our firm uses the full accrual accounting method on a monthly basis for financials which is more comprehensive and gives the Board a more accurate picture of the association's financial position on a month to month basis.  Other management companies use a modified accrual accounting method on a month to month basis because it is less work and easier for their accounting staff, but this method provides the Board a distorted view of the association's financial position. When the modified accrual method is used, a CPA must review and adjust the financials to reflect a full accrual basis at the end of the year. 

  • Prepare an annual budget for consideration by the Board. The budget shall be based on prior operating expenditures, estimated future expenses, and required capital replacement reserves.
  • Account for assessments and all other charges due from the owner.
  • Maintain checking, savings, and other bank accounts in the name of the association, such that the amounts therein will not be commingled with any other funds served by us.
  • Notify owners of any delinquency and take such reasonable action for the collection of the delinquent assessments as the Board may determine.
  • Make all disbursements from assessments collected for normal recurring expenses as provided in the budget and other charges as approved by the Board.
  • Perform tracking and billing of utility services, as necessary.
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  • Furnish monthly and year-end financial reports prepared on a modified accrual basis, which includes all income and expenses and will reflect the net cash position of the association.
  • Ensure proper internal controls are maintained for disbursement processing and financial statement preparation.
  • Assist with the annual audit.

Key Differentiators

  • Use of the full accrual accounting method (not modified accrual)
  • Our budgets are more substantial than other management companies and include detailed support pages for administrative costs, tax projections, interest projections and reserve fund projections.