Our service extends to several areas of common interest development management. We have assisted developers in forming communities and guided them through the Department of Real Estate application process. We oversee the operation and management of several communities that have formed “ Master” associations. This occurs when two or more associations unite to form a separate new association to share expenses and hopefully obtain cost advantages that cannot be realized individually.
Financial Information / Record Keeping
We use Advantos Enterprise TM a full service accounting and property management package that combines property management functions with a full complement of accounting functions, including accounts payable, accounts receivable, general ledger (with full financial statements), work order maintenance, budgeting, multi-state and multi-client payroll, and a complete banking module (with ACH, Credit Card and Lockbox processing). Monthly financial reports include balance sheet, income vs. expense statement, bank listing of transactions, all original bank statements and reconciliation reports, summary of accounts receivable, and are typically available by no later than the 20 th of the following month. Owner information is easily managed and maintained with multiple reports to sort data by physical address or mailing address, email addresses as well as emergency information is also stored. These functions all integrate seamlessly within a single database. Owners have several options when making their monthly assessment payment. Depending on the desired method of payment chosen by the Board, your owners can receive monthly statements or annual coupon booklets. We have contracted with 3 rd party vendor Zego to offer our owners non traditional methods of payment as well. From a secure server, owners may pay by E-check, ACH, or even credit card. Our team consists of a full time Collections Manager who regularly reviews the community delinquency report and initiates the policies established within the community billing and collection procedures. The manager will regularly confer with your collection attorney. Your reports will be part of the monthly Board packet and will contain all pertinent information and suggestions to assist the Board in making the most informed decision possible in the pursuit of collecting past due balances. Your payment obligations will be overseen by your specific accounting clerk. Invoices are processed regularly with checks being cut twice per month. Each check will be accompanied by an original invoice and scanned into a PDF file for digital storage and easy retrieval.
Preparation of annual budget / reserve study
Your community manager will assist you in the preparation of your annual operating budget. Utilizing historical data, outside reserve study reports and industry knowledge, a draft budget will be presented to the board for review at least 60 days in advance of your fiscal year end. Your manager will also assist you in identifying a certified reserve study consultant to prepare your civil code required reserve study and reserve study updates.
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