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When providing financial services only, we will:
Collect Association Fees:
Monthly fees are collected and recorded through a lockbox program we have established with Farmington Savings Bank. All payments are deposited daily, electronically transferred to our computer then posted to each owner's account. A delinquency action list will be prepared showing who is late, what action was taken, the date and the amount due. Other reports are also available.
Prepare Checks:
All bills presented will be checked for approval by the property manager, coded to the proper chart of account, footed, extended and compared to previous bills for reasonableness (as in the case of utility bills and repeat vendors), a computerized check is prepared and the appropriate dual signatures obtained. A cash disbursement report is generated for the Treasurer's files.
Reconcile Bank Statements:
The monthly bank statement will be reconciled and a report will be provided to the Treasurer for their files.
Prepare Monthly Financial Statements:
Each month a detailed Balance Sheet and Income Statement will be prepared showing all account balances, revenues and expenses, with comparison to budget for the month and the year-to-date. A Detailed Trial Balance is also prepared and available for your review.
Assist with Preparing Annual Operating Budget:
Prior to each operating year, a budget will be prepared using prior experience and planned activity for the coming year. This budget is presented to the Board of Directors for review, revision and approval. A narrative report supporting each line item is also submitted during the process with the Board of Directors.
Copyright © 2006 Elite Property Management, LLC
Last modified: 06/02/06
