ASSOCIATION MANAGEMENT AND FINANCES
The financial aspects of condo association management can be complex and tedious, which is why smart condo associations hire professional condo association managers to handle financial matters of condominiums, owners, and tenants. Not only do condo managers prepare financial statements, but we draft budgets, prepare tax returns, collect dues, and much more!
Our team of property managers assists with the many financial aspects that go into condo management. Not only do we provide professional financial support and expertise, we even provide support to tenants with queries about their personal payments and financial obligations. Condo associations in South Florida trust us to assist with transparent and expert solutions when it comes to managing finances for condo associations such as:
• Drafting operational budgets
• Expert financial advice for associations
• Preparing financial statements
• Preparing tax returns
• Collecting dues from owners and tenants
• Financial inquires, and more!
FINANCIAL SERVICES
• Assist the Owners Association in the preparation of an annual budget. The budget is generally based on prior operating expenditures, estimated future expenses and required capital replacement reserves.
• Account for assessments and all other charges due by the Owners.
• Maintain checking, savings, and other banking accounts in the name of the Association.
• Bank accounts will be maintained separately from all other accounts.
• Notify Owners of a delinquency and take reasonable action for the collection of the delinquent assessments as determined by the Association.
• Make all disbursements from assessments collected for normal recurring expenses as provided in the budget and as approved by the Association.
• Furnish monthly and year-end financial reports prepared on a modified accrual basis, which include all income and expenses and reflect the net cash position of the Association.
• Assist in the annual audit of the Association and Compliance Audits.
Monthly Accounting Services
• Bank Reconciliation
• Budget Report
• Profit & Loss Report
• Balance Sheet Report
• Monthly Delinquency Report
• Online Payments
