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A Detailed Listing of Our Basic Association Services
FINANCIAL & ACCOUNTING SERVICES
Accounts Payable
* Coordination of the remittance and disbursement of funds in payment of invoices
* Verification of invoice accuracy
* Chart of account coding
* Systematic filing of invoice for annual audit per Auditor's instructions
* Drafting of check and mailing payment
Accounts Receivable
* Collection and depositing of funds received by the Association in the form of regular assessments
* Print coupons for regular & special assessment collection
* Post to account on daily basis
Statement Preparation
* Balance sheet
* Revenue and Expense statement
* Statement format and software modifications
* Bank reconciliation
* Journal entries for accounting system, i.e. prepaid expenses, assessments receivable, advance assessments collected, accounts payable, posting of all disbursements and receipts in ledgers and journals
* Worksheet for data entry and computer entry
* Print & mail statements to Board of Directors
Assessment Collection
* Generate correspondence to insure timely payment of assessments
* Monthly computerized delinquency statement
* Verification and reconciliation of individual account balances
* Initial delinquency letters to owners with outstanding balances
* 30, 60 and 90 day collection letters to delinquent owners
* Monitor fine system and collections
* Follow up correspondence with delinquent owners
* Coordination with attorney for filing of liens and foreclosures
* Depositing and posting of collected receivables
* Calculation of late charges and collections
Implementation of Audit Trail
* Establishment and maintenance of invoice filing system
* Confirmation of receivables
* Two-party internal control system for protection
* Chart of accounts coordination per the auditor's instructions
* Pre-audit conferences with auditing firm
Tax Return Preparation & Filing
* Filing of estimated corporate income tax expense payable
* Filing of state corporate franchise and Department of Revenue tax forms for non-profit organizations
Payroll
* Quarterly filing of personnel payroll taxes associated with the full time and part time employees
* Standard payroll deductions
* Administer employee insurance programs
* Insurance payments
* Issue payroll checks
Surplus Funds Investment
* Establish and monitor insured investment accounts
* Investment and movement of surplus funds to maximize interest income of the Association
Financial Correspondence
* Tax correspondence
* Financial information for lenders, resales, etc.
* Market condition information and coordination with realtors
Annual Financial Audit
* Coordinate all specific requests of auditor
* Assist in confirmation of receivables
* Assemble all record and files for audit team
* Participate and confer with auditor on all adjusting entries for capitalization schedules
* Year-end adjusted closing entries at instruction of auditor
* Generate a 2nd year-end financial statement with all adjustments
* Bring forward all opening balances for next year following audit
* Make any necessary revisions to chart of accounts at auditors instructions
Budget Preparation
* Maintain record history of all utility consumption for calculations
* Evaluation of current and prior year's expenditures for comparison and projections
* Rate verification with suppliers and vendors
* Assembling the proposal, i.e. typing, proofing, printing, etc.
* Amendments to the budget per Board's instruction
* Publish annual report as to new assessment rates & budget changes
ADMINISTRATIVE SERVICES
Meeting Coordination
* Coordinate and attend all Board meetings
* Prepare meeting agendas and notices
* Prepare and distribute meeting minutes
* Coordinate and attend Annual meeting
* Prepare meeting agendas and notices
* Prepare and distribute meeting minutes
* Prepare and mail newsletters
Sale & Resale Activities
* Coordinate each closing with the respective attorney
* Provide pro-rata costs and information to closing attorneys
* File all necessary papers for FNMA or other lending institutions as requested
* Prepare new owner "Introduction Packages"
General Administrative Functions
* Assist in the development and enforcement of Rules & Regulations
* Handle all owner correspondence
* Resolve owner disputes
* Maintain all records of the Association
* Handle all miscellaneous clerical duties
Insurance Negotiations
* Assist in determination of replacement values
* Initiate property appraisal per Board instruction
* Draft specifications for competitive bids
* Bid solicitation
* Review and negotiate bids with agents
* Insure that bids conform to By-Law requirements
* Coordination of "apples to apples" bids
* Submit bids to Board President and/or committee as directed for review and decision
* Notification of policy changes for lending institutions
* Coordinate the furnishing of insurance certificates
* Billing approval and establish payment plan with company
* Coordinate all claims with company and adjustor
* Inform owners of applicable claim status
PHYSICAL PROPERTY SUPERVISION SERVICES
* Supervise maintenance and landscape personnel
* Provide budget awareness and continual job scheduling for maintenance staff
* Negotiate vendor purchases and service contracts from a bulk position with all savings passed directly to Association
* Assist Property Committee(s) with design and implementation of physical improvements
* Preventive maintenance planning and scheduling
* Capital improvement and major project coordination
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