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

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

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

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

Checking account reconciliation

Payroll accounting, if necessary

Address & Contact Information

41486 Wilcox Road
Plymouth, MI 48170-3104

Phone: 734-459-5440
Fax: 734-459-0690

Email:
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www.herriman.net