• Balance Sheet
• Budget to Actual Comparison
• Cash Disbursement
• Reconcile Bank Statements
• Income Report
• Expense Report
• Receivable Report
• Accounts Payable
• All Bank Account Reconciliation
• Reserve Fund Summary
Monthly Billing of Owners Assessments: Management Solutions Services will take the responsibility of billing homeowner’s assessments at the beginning of each month. Management Solutions Services will arrange for the collection of these assessments and have them deposited on behalf of the Association. We currently use the direct deposit lockbox system.
Collection Notices and Legal Coordination: Management Solutions Services will act upon procedures approved by the Board of Directors to collect overdue homeowners assessment fee. We will coordinate with H.O.A. legal counsel should liens; foreclosures and/or judgments are required in collection of past assessments and provide a written “Legal Update” report.
Program and Maintain a General Ledger: Management Solutions Services will prepare an accurate general ledger showing the H.O.A. financial status.
Prepare Monthly Cash Disbursements: Management Solutions Services will prepare the Association’s monthly cash disbursements for signature approval at each regular monthly Board meeting.
Financial Reports: Management Solutions Services will prepare monthly financial statements on the Association’s current status and year-to-date status. These reports include the balance sheet, income statement, budget versus actual income statement, changes in financial position, delinquent accounts statement, cash receipts statements, journal of accounts and cash disbursements statement including current status of cash and savings accounts, journal entries and copies of bank reconciliation’s.
Assistance with the Fiscal Budget: Management Solutions Services will prepare a pro-forma operating budget for the Board to review for finalization.
Escrow Demands: Management Solutions Services can complete all escrow demands, including an inspection of the unit prior to acceptance, if this is the procedure of the Association. Management Solutions Services will bill the escrow account for their transfer fees in preparing all documents.