Community Fiscal Services

• Prepare a draft operating budget to be submitted to the Board for its consideration, addition, deletion and adoption. The budget shall be based on prior operating expenditures, estimated future expenses, and an estimate of required capital reserves.
• Collect all assessments and other charges due by the association; maintain checking, savings and other income accounts on behalf of the association and maintain records thereof.
• Maintain association accounts to be separate and apart from all other accounts of the manager; the amounts therein will not be commingled with any other funds controlled by the manager.
• Maintain FDIC Insured accounts in the name of the association.
• Mail notice of delinquency to any association member in arrears and exert reasonable efforts and take such reasonable action, at the association’s expense, for the collection of the delinquent assessments as the Board may determine in accordance with the association’s governing documents and adopted policy procedures on the association’s behalf and in the association’s name.
• Assist with association approved Attorney collection coordination.
• Make all disbursements from assessments collected for normal recurring expenses as provided in the budget. Non-recurring expenses over $1,000 and all disbursements from the reserve account shall be only after the approval of the Board of Directors of the association.
• Furnish a monthly financial statement prepared on a modified cash basis that will include all receipts and disbursements and will reflect the net cash position of the association.
• Provide annual Audit and Tax return coordination with the Certified Public Accountant selected by the association Board of Directors.
• Receive and review invoices, remit and disburse association funds to ensure biweekly payments of association obligations twice per month.
• Preparation, review and analysis of financial reports monthly to include but not be limited to a balance sheet and a statement of operating variance for the operating fund and for the reserve fund.
• Bank accounts reconciled daily and reported monthly.