Homeowner Association Accounting and Financial Reporting
Elite Management Services manage finances and accounting for all of its properties. We want board members and homeowners to be confident in the financial health of their community, we believe accurate financial reporting is an absolute must.
As such, we protect association funds with our own internal controls. Each community’s property manager codes all invoices to the appropriate accounts because they are most familiar with the community’s funding. Then, we process those invoices and pay checks every day to ensure vendors are efficiently serviced and everything is taken care of in a timely manner.
When the monthly recording process is complete, financial statements are generated and available by email. At the request of the Board of Directors, these reports can be included in the monthly association report.
Prior to budget approval, we provide the Board with a draft budget to which they can make any necessary corrections. This allows directors to evaluate the previous year and plan for the next, determining where costs should be contained and possible future projects. Our accounting department also assists CPAs in the required annual audits by providing applicable financial records.
When requested, we provide board members with financial training including how to read statements. We continue training by keeping HOA board members abreast of changing interest rates concerning reserve fund investments and changes to financial laws. We also provide resources for taking preventative measures including protecting against fraud and embezzlement.
HOA Property Management Billing and Assessment Collection
Without the timely collection of assessments, a community association could not be successful. Elite Management Services understands this and offers multiple payment options, as well as, assists in collection proceedings.
We offer our homeowners the option to pay their association assessments using bank drafts, checks, money orders, or online with our E-Payment option. Our online payment service does not require a homeowner to have a username and password to log in, making it easier than ever to ensure their payment is made on time.
At the direction of the Board of the Directors, Elite manages the association’s collection policy. We act on the established policy the HOA board dictates, including pursuing the lien process and foreclosure if they so choose. Accounts moving into collections, lien, or foreclosure are handed over to the attorney the association retains, and the monthly Director report includes this collection status as well as an aging delinquency report.
All homeowner calls to our office locations are answered by a live person; in order to assist in the success of assessment collection. To learn more, click here to contact our office or call 855-238-8488.