Accounts Receivable and Collections
- Issue monthly assessment statements (payment coupons) to all owners, listing recent transactions and total outstanding balance. A return envelope is included for the owner’s convenience.
- Accept and process all payments from owners, either via check, money order or electronic debit (ACH). Revenue is deposited into Association’s operating account on a daily basis.
- Track revenue on a daily basis, follow-up on delinquent owners, assess late fees to delinquent owners.
- Advise Treasurer when it is appropriate to place a lien against delinquent owners, and upon Board approval, will process a lien in accordance with CA Civil Code 1367.1.
- Advise Treasurer when it is appropriate to place a foreclosure against delinquent owners, and upon Board approval, will process a foreclosure in accordance with CA Civil Code 1367.1.
- Answers all calls, letters and e-mails from owners in regards to their account. “Account History” printout available upon owner’s request
- Accept, review and process all invoices.
- Setup and maintain electronic payments with utility companies.
- Checks are processed weekly, and sent to the Treasurer with a copy of each invoice and a check register which details all checks processed during the week. Pre-posted envelopes are included for mailing checks to vendors.
- Correspond with vendors regarding invoices.
- New vendors are checked for licensing and insurance requirements.
- Current vendors are periodically checked for licensing and insurance requirements.
- All accounts and funds are managed (operating, reserve, investment).
- Association’s accounts are reconciled on a monthly basis (or in accordance with receipt of bank statements).
- Upon request, management can provide contacts with investment institutions which specialize in Association investments (CD’s, money market accounts).
- Provide monthly financial report to Treasurer and all Board members who request a copy. Report covers all accounts and includes Balance Sheet, Income Statement, Accounts Receivable Outstanding List and Check Register, as well as additional supplementary material.
- Provide monthly delinquency report to Treasurer and all Board members who request a copy.
Budget, Taxes, Reserve Study
- Manager prepares and submits to the Board a proposed annual budget, approximately 120 days before the fiscal year end.
- Upon approval of the Board, manager revises and mails the approved budget to all owners, with necessary disclosures and rules package as required by CA Civil Code 1365(a).
- Coordinate annual tax preparation and financial review with the Association’s CPA.
- Process vendor 1099 forms and submit them to theIRS.
- Coordinate with reserve specialist, and assist with the annual reserve study.