Accounting Services

Quarterly Financial Statements are presented to the Treasurer and Board of Directors. The Treasurer will receive a General Ledger with line-item expenses denoted by account code which will represent all expenses incurred for the given time frame, both monthly and quarterly. Additional General Ledgers are available, especially a Year-to-Date ledger when preparing for the following  year’s budget.

 

Perform all accounts payable and receivable reports.

 

The Association Finance Accountant prepares and distributes all quarterly assessment statements to the members. Electronic payment (EFT) of the quarterly assessments is available to the Association’s membership at no additional charge. Special assessment statements will be prepared and distributed in a like and similar manner.

 

Will work closely with the CPA Firm of the Association in the preparation of the tax returns and arranges for the performance of an annual audit or review based on Board and Florida Statute requirements.

 

All annual 1099s are automatically prepared and filed for the Association vendors at no additional charge as this service is included within the base Agreements to the Association.

 

Assessment collections will be done in accordance with the IHRM, Inc. Association collection policy. All past due letters are prepared by the Accounting Department and reviewed by the Association Manager before being mailed to the members. Upon direction of the President of the association, the Association Manager will coordinate liens for delinquencies with the Attorney and in accordance to Florida Statute to include the proper recording of liens.

 

If needed, the Association Finance accountant of IHRM, Inc., can meet with members of the board to review and help them understand the information contained in the financial statements.

 

Income from assessments will be automatically deposited into the Association’s operating and reserve accounts according to the Association’s approved budget.

 

We recommend reserves to be “pooled” in accordance with Florida statute, yet Reserve Statements will represent the funds by Reserve category per Board of Directors’ determination.

 

Ensures that all checks written are conforming to procedure. Presently, all invoices are approved by the Association Manager who verifies that approval to pay, was provided by the Board of Directors. The Association Manager does not sign the actual checks, but checks are signed after a final review of conforming to procedure by IHRM, Inc., Vice President.

 

Quarterly bank account reconciliations will be performed as represented on the Balance Sheet within the Financial Statement Packet.

 

The Association Finance accountant will prepare the budget templates and reconciliation of reserve account funding. This person works in tandem with Association Management throughout the budget process and to its final BOD approval.