Homeowner Association Accounting and Financial Reporting
Elite Management Services manages all accounting and financial aspects of administration, using generally accepted accounting principles. For board members and homeowners to be confident in the financial health of their community, 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 via 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 future projects. Our accounting department also assists CPAs in the required annual audits by providing applicable financial records.
Per request, we provide board members with financial training including how to read statements. We continue training by keeping directors abreast of changing interest rates concerning reserve fund investments and changes to financial laws.
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 collections.
We offer our homeowners the option to pay their association assessments using Automatic Clearing House (ACH) draft, check, money order, or online. 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 with the aggressiveness the 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. We take great care in and price of our collections and accounting services. To learn more, contact our office via 855.238.8488 or click here.