- Monthly Reports
- Detailed Management Report
- Balance Sheet
- Income and Expense Statement
- Budget Performance
- Collection Report
- Check Book register
- Bank Account Reconciliation
- Bank Accounts
- Account Signatures
- Check Writing
- Emergency Disbursements
- Assist in Audit/Income Tax Preparation
- Budget Preparation
- Reserve Accounts
- Advancement of Funds
- Records Retained
- Owners right to inspect records
- Copying Cost
- Membership List/Transfer of Ownership
Record Keeping and Reporting
- Make maximum use of automation and electronic means to perform Bookkeeping functions to include electronic bill payments, automatic payment of assessments (ACH), online payment capability, etc.
- Utilize professional commercial Bookkeeping software.
- Prepare, review and distribute reports to the Board of Directors via email summarizing that period’s income and expenses as itemized in the budget.
- Maintain the Association’s bookkeeping records in a manner that will assist in preparation of an Annual Audit and appropriate tax returns.
- Process payment of all of the Association’s bills in HOA Managements Knoxville Office.
- Assist the Board of Directors in creating the Association’s Annual Operating Budget based on past history and all known projected expenditures.
- Assist in the calculation of reserve allocation for future needs
- Prepare an annual letter to all homeowners reflecting the adopted Budget.
- Advise the Board during the year regarding the Association’s performance pertaining to Budget plans and make recommendations for corrective action.
- Collect monthly/quarterly/annual assessments and any special assessments from each owner
- All owner assessments collected through electronic means including automatic bank withdrawal/payment via ACH or online payments through the Association web page by electronic check or credit card
- Assist Board of Directors in creating policy for late payment penalties, collection procedures, and ultimately determine necessary liens and foreclosures.
- Perform late assessment policy and if need be, turn over all lien and foreclosure matters to Association’s legal council for final collection