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Financial Statements:
Your property manager will provide your board with a monthly financial statement that will contain the following information:
Cash Flow - actual funds on hand
Operating Statement (Income/Expense Statement, Balance Sheet - lists assets, liabilities and equity/capital)
Reserves
Reserves Year-To-Date
Bank Journal - itemized check register
General Ledger - monthly itemized listings of expenses by category
Maintenance Fee - prepaid and delinquency report
Accounts Payable:
Your property manager will process all bill payments through our office.
Accounts Receivable:
Your property manager will maintain accurate accounting records of all funds received by the Association. The actual funds are held in the Association's individual bank account. Your property manager will keep you up to date with information regarding delinquent and prepaid owners on maintenance fees and approved special assessments. A complete payment record is maintained on each owner.
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