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Accounts Receivable

1. Prepare recommendations on policy and procedures for Board approval
2. Preparation and mailing of payment coupons
3. Collect all maintenance fees and assessments
4. Deposit to appropriate Association accounts
5. Maintain individual unit owner payment records
6. Utilize Association funds for maximum interest income

Past Due Account Collections

7. Prepare recommendations on policy and procedures for Board approval
8. Send statements of accounts to all delinquent owners
9. Provide Board with list of past due accounts
10. Follow through on collection procedures
11. Legal liaison – assist with liens, foreclosure procedures at Board's direction

Accounts Payable

12. Prepare recommendations on policy and procedures for Board approval
13. Submit abnormal bills to Board for approval
14. Issue checks for payment – maintaining timely payment schedule and taking advantage of discounts. Code invoices to general ledger accounts for proper budget control and auditing
15. Maintain check register
16. Maintain credibility of Association with suppliers
17. Maintain detailed records – including filing of paid invoices for proof of expenditures

Financial Report

18. Prepare monthly Financial Report for submission to Board each month

  • Balance sheet
  • Income and expense statement
  • Trial balance
  • Check register
  • Voucher register
  • Transaction journal
  • Past due accounts

19. Management review of financial condition reports including actual monthly and year-to-date income and expenses

Budgets

20. Recommendations on policy and procedures for Board approval
21. Prepare and submit Annual Budget for review and approval of Board
22. Prepare and submit Reserve Budget for review and approval

  • Prepare back-up material (i.e., life expectancy, replacement cost, etc.)
  • Annual review of Reserve Budget

Staff Payroll

23. Pay staff timely
24. Prepare payroll reports timely

  • Federal tax deposits
  • State and local income tax withholdings
  • Unemployment and Workmen's Compensation premiums
  • Prepare year-end wage and tax statements

25. Make recommendations on fringe benefits and holiday packages

General Accounting

26. Maintain custody of all Association records in a professionally acceptable manner
27. Prepare special reports and recommendations requested by the Board from time to time
28. Interface with specialists retained by the Association for specific tasks
29. Prepare information for all taxes for independent CPA

Audit

30. Provide information and assist Association's independent auditors in performing audit

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