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Financial Services

Financial Services

  • Provide complete bookeeping of property finances
  • Preparation of budgets
  • Financial Statements
  • Delinquencies
  • Payment of monthly building expenses
  • Maintenance of all financial accounts in the name of the association
  • Prepare and mail all billing statements/coupon books to homeowners.
  • Coordinate with bank to update our systems with cash receipts on a daily basis.
  • Collect and deposit all payments and deposits made to our office on a daily basis.
  • Manage collection of delinquent accounts in our office for up to 90 days past due. Includes sending past due letters out.
  • Coordinate with Collection Agency when accounts go 90 days or more past due. We automatically send accounts at 90 days past due to Collection agency and then provide them with historical information, etc.
  • Ensure Association Collection policy is up to date and in line with NJ Civil Code.
  • Distribute Collection Policy to membership as required by law on an annual basis.
  • Review and approve all invoices submitted for payment.
  • Prepare all checks for review and signature by Board of Directors.
  • Reconcile bank statements monthly.
  • Prepare financials statements on a monthly or quarterly basis per contract on an accrual basis, including general ledger, income statement, and balance sheet. Also includes detailed budget versus actual for income and expenses, all bank statements and reconciliations, cash disbursement journals and balances by homeowners.
  • Obtain letters of engagement from CPA, distribute to the Board for signature, and return to CPA.
  • Coordinate and distribute to membership annually as required by NJ law the Annual Financial Review.
  • Coordinate tax return preparation with Association CPA.
  • Ensure Corporation Filing and annual Statement of Information is filed with the Secretary of State on an annual basis.
  • Close out fiscal year and update system with new budget annually.
  • Assist Board with preparing annual budget for coming year and distribute to all homeowners as required by NJ law (also includes all required disclosures as required by law).
  • Execute any CD investments, renewals, or transfers as directed by the Board.
  • Update vendor files annually. Reconcile, generate, and mail annual 1099's to required vendors.
  • Answer homeowner and vendor inquiries regarding dues and receivables daily. Provide account recaps as needed.
  • Provide current account balance to title companies during sale of homes in community.
  • Maintain and update annually bank signature cards.
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