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Financial Management Plan
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Financial Management Plan

Some of the services included in our Financial Management Plan Program are as follows:

Accounting & Financial Reporting:
  • In-house computer network for timely and comprehensive financial reporting
  • Complete financial reporting package within 1-5 days from the end of the month
  • Detailed owner payment and delinquency record on a monthly basis
  • Internal controls to protect association funds
  • Preparation of annual budget to be approved by Board and distributed within civil code requirements
  • Payment of all bills approved by Board from association funds
  • Monthly bank statements and reconciliation to the Board
  • Assist auditor chosen by the association for tax and audit preparation
  • Billings sent on a monthly basis to members, including regular assessments, late fees, special assessments and collection fees
  • All assessment and miscellaneous income deposited into association trust account
  • Timely preparation of reports and forms for governmental agencies including employer tax forms and 1099's
  • Establish and maintain reserve accounts
  • ACH – automatic member payments at no cost
  • Lockbox service to ensure timely daily deposits and credits on accounts
  • Trained collection department to work on all delinquent accounts
  • Computerized demand letters on delinquency accounts
  • Computerized history on all collection accounts and history on all member billing accounts
  • Association keeps their late fees – Management does not keep these as Additional Income
Financial Statements:
  • Complete in-house computerized and billing system with programs that were custom designed to handle the unique needs of community associations.
  • Director of accounting works personally with CPA's on all associations to ensure timely returns
  • Experienced accounting staff to handle weekly payment of vendor bills and member inquiries
  • Monthly- easy to read- complete financial statements including a summary for the Treasurer's Reports
  • Independent internal audit department to handle monthly reconciliations of all bank accounts
  • Custom program for budgeting to incorporate your reserve studies
  • Work order payment tracking
Collection and Legal Assistance Services:
  • Submit monthly report of delinquencies updated for the Board meeting with collection recommendations
  • Send out demand letters as required by civil code
  • Preparation of liens and lien releases according to association collection policies – fees charged to owners
  • Work with attorney on accounts where legal action becomes necessary to collect outstanding amounts due by owners
  • Provide monthly report on all collection accounts with attorney
  • Assist Board in interpreting CC&R's and codes in order to derive collection policies
  • Review of documents and work with association legal counsel on interpretation for maintenance, enforcement or other purposes
  • Assist Board in obtaining legal opinions or action as needed
Insurance Services
  • Recommend coverage to board per civil code
  • Secure renewal quotations from various companies upon board request and order appropriate coverage as requested by association when available
  • Assist owner, association and adjustor in processing claims
  • Provide monthly status to association on claims
  • Establish insurance tracking for timely renewal of policies
  • Process monthly insurance payments for finance agreements
  • Work with association in securing insurance certificates for vendors
  • Assist owners and insurance company in processing evidence of insurance
Escrow Processing
  • Work with escrow companies to provide necessary information on transfers and refinances. Transfer fee will be charged through escrow.
  • Provide any documents as needed including CC&R's, By-laws, rules, insurance, minutes, etc.
  • Maintain data pertaining to all transfers of ownership for billings
  • Provide demand statement on escrows to collect outstanding assessments, late fees, special assessments prior to transfer of title
  • Prepare certification forms as needed for lenders
  • Provide welcome package and disclosures to new members
  • Properly document new owner information for transfer of billing purposes

Customer & Administrative Services

  • HOA Today newsletter for Board Member
  • Orientation and training for Board members upon request
  • Orientation manual for new Board Members including parliamentary tips, board conduct and fiduciary responsibilities
  • Information provided based on civil code or other changes
  • Educational Seminars
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