Financial Information
FINANCIAL INFORMATION FOR THE BOARD
Financial reports are generated monthly, providing immediate and accurate information so that the Board of Directors or Managers can properly monitor and direct the affairs of the Corporation or association.
The importance of accurate and timely financial reports is integral to effective property management.
On or about the fifteenth of each month or shortly thereafter, Board Members are sent a monthly statement of financial activity that includes:
- A reconciliation of total collections and disbursements of the property.
- The cash position (all account balances and investment instruments) of the Corporation at the month's end.
- An easy to read cash flow summary of all collections by income and expense category for the current month and year-to-date compared to budget and projection to year end.
- A detail of the sources of all income, by unit owner or lessee, showing arrears, if any and current month charges
- A detail of the current month's disbursements outlining vendor, invoice number, check number, date paid, amount and expense category charged.
Annually, at the end of the third quarter, an operating budget for review and approval is prepared. As and if required, long term capital budgets are developed and strategically designed funding is researched and discussed.
Real estate assessment monitoring is performed to review the performance of the real estate tax certiorari attorney.
Agency statute compliance is on-going
FINANCIAL INFORMATION FOR COMMERCIAL AND PROFESSIONAL TENANTS
We are sensitive to the importance of timely collection of rent from a commercial or professional lease, understanding that it is an important cash flow anchor to a residential property. In the case of such tenants questioning their adjustments, late fees, lost payments or other concerns about their payment, they receive a quick and accurate response.