|
For a community association to be successful it must be operated like a business & have good financial management.
.jpg?rand=0.21200495072679615) |
|
“We can assist the Board by providing
the tools necessary for them to make
prudent financial decisions for their
community.”
Kirsten Osborne-Castre
Controller
|
Financial Statements
Financials are prepared between the 10-15th of each month and are given to the Managing Agent for review. Once reviewed they are sent to the Board of Directors. The Association can customize who within the Board receives all or part of the monthly Financial Statement. The Financial Statements can also be accessed via the website
Account Payables Processing
All bills are approved by the Managing Agent and checks are generated on the 10th and 25th of the month.
Annual Budget
The Managing Agent prepares a proposed budget based on historical data. Any upcoming maintenance or projects that will impact Association expenses or revenues are also factored in during the budgeting process. . The proposed budget is presented to the Board of Directors for their input and approval. Once the Board of Directors has approved the proposed budget, the budget is then sent out to all homeowners
Audits
An internal audit program is in place and maintained by a Corporate Administrator. A financial review is completed each month by the accounting staff as well as the Controller and Managing Agent to ensure accuracy of financial statements.
Receipts – All cash deposits are either received via mail, lockbox, or direct debit ACH. When homeowners pay directly to the lockbox, the bank receives the payment, processes, applies to the proper account and deposited into the Association account immediately. Payments received by mail or direct debit ACH are processed by the accounting department and bank deposits are made daily by 5pm.
Checks – Checks can only be signed by officers of The Management Group. Officers also must authorize transfers from the checking account to the money market accounts. The Association Board is the only authorized agent to transfer or write checks from the capital replacement accounts.
Bank Reconciliations – Association bank statements are reconciled and audited by a senior executive officer or a bonded TMG employee.
Collection of Dues
Homeowners can pay through check or automatic withdrawal, regular mail or in person at either TMG Vancouver or TMG Portland offices. Credit cards currently are not accepted.
If a homeowner becomes delinquent, they are assessed late charges per the Association late charge policy. The Board of Directors is given a report in the Meeting packet showing delinquent accounts and current collection activity. The delinquent owners also will appear on the delinquency and prepaid report included in the monthly financials.
| 
