We are able to provide complete monthly financial reports, annual operating and capital budgets, and cash management services, enabling our clients to have a thorough and current understanding of the financial status of their properties.
Monthly Balance Sheet
This report makes it easier for Board Members not familiar with real estate terminology and operations to understand these important documents and the information they contain.
1. If current income (maintenance fees) are adequate to pay the operating costs of the property, as well as setting aside money required for capital reserves for the future.
2. If the income compared to expenses will be adequate based on their budget, to continue to meet the properties needs for the balance of their fiscal year.
The report also allows, by category, an in-depth look at how the property is operating. This has the benefit of being able to identify any variances in the operation or the property, and to allow adjustments to be made to keep the property fiscally sound, so if only one area is out of the normal range it can be looked at quickly in an effort to get it under control before the possible need for a special assessment might be needed.
The Annual Budget insures proper due diligence by the Board in anticipating financial needs of the property on an annual basis.
Long Range Capital Reserve Study
The Long Range Capital Reserve Study insures both the current and future value of the individual owner’s home is protected.
Owner’s Accounts of Monthly Maintenance Fees
This report allows the Board on a unit basis, to monitor the collection of all fees and assessments and to authorize the appropriate actions to collect delinquencies when they occur.
Bank Reconciliation Statements
The Bank Reconciliation is the most important auditing tool for the Board. When used in conjunction with the deposit register and check register the Board is able to insure the management company is properly accounting, collecting and expensing the association funds. Although overlooked often it is the main tool for the Board to ensure that all income and fees have been received and deposited into their account and that no inappropriate payments are being made.