Financial & Accounting Services
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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
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| 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
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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
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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
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| Checking account reconciliation |
Payroll accounting, if necessary
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