Property Management: Financial/Accounting

	Financial \Accounting Services:
	Our financial accounting system begins with a staff dedicated to providing our clients with accurate and timely information, and includes an automated system designed for adherence to Generally Accepted Accounting Practices (GAAP), yet sufficiently flexible to accommodate diverse charts of accounts, accrual or cash accounting and provide non-standard reports at little, or no additional cost.    • Monthly Billing and collection of common charges and assessments.     • Prepare and deliver to the Board and the Community’s auditor timely and accurate Monthly Financial Statements on an accrual or cash basis comparing actual to budget income and expenses on both a monthly and annual basis.     • Written Budget Variance reports on a Monthly and Year To Date basis.     • Late Notices prepared and sent out on or about the 15th of each month. Cooperate with legal counsel in any action or proceeding for the collection of common charges and any other income due.     • Disbursements are made only from original invoices.     • Maintain segregated checking and investment accounts in the Community’s name and Federal Tax I.D. number.     • Cause to be prepared and filed all forms required of the Community as an employer under State and Federal tax statutes with respect to all wages paid.     • Prepare and submit annually to the Board an operating budget for the following year.     • Implement a system to ensure that utility and recurring charges are made on a regular and timely basis.

	Monthly Financial Statements:
	On or about the twenty-fifth (25th) of each month, financial statements for the property will be provided to the Board for review and comment. Monthly statements will be produced following either accrual or cash accounting procedures. Included in the monthly statements are the following documents:   • Cash Flow: Lists all income and expenses on monthly and year to date (YTD) basis, provides dollar variances from budget for both monthly and YTD figures and shows the percent of budget used.     • Aged Accounts Receivables: Lists all arrears on a 30, 60 and 90+ day basis.     • General Ledger: Complete detail of all monthly income and expenses categorized by appropriate G/L code. A list of all checks issued in the month including check number, date, payee, amount and brief description.     • Special capital & operating accounts: Can be established to track construction and other capital projects.     • Monthly Bank reconcilliations for all property accounts:
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