HOA Bookkeeping & Accounting
The following Accounting offerings established by Associated Professional Services are flexible and can be designed to accommodate the needs of each association.
Billing Statements, Payment Coupons, Credit Cards or ACH (Automatic withdrawal of Homeowner Assessments) are methods that can be used to collect assessments. The payment coupon system has shown to cost as much as one third less than monthly billing statements. Payment coupons are pre-printed with the name of owner, unit number, and assessment amount and are mailed annually to each homeowner.
Associated Professional Services will mail a late notice shortly after the association’s late period to all homeowers who are delinquent. A late processing fee will be assessed to the individual delinquent homeowner to cover the cost of processing the late notice and bookkeeping delays. The fee can be taken out of the association’s late fee or can be added.
Associated Professional Services will take action on delinquent accounts according to the association’s collection policy. A pre-lien letter will automatically be sent certified at the proper time notifying delinquent homeowers of the time period before a lien will be filed.
The Board of Directors will be provided a list of delinquent homeowners that require a lien. With approval from the Board of Directors, Associated Professional Services will have the lien filed. A fee will be charged to a delinquent homeowner for each of the collection steps, pre-lien and lien filing. These charges are in addition to attorney fees.
If initiation of foreclosure is required, an additional charge will be assessed. We can assist if an initiation of a foreclosure is required.
Payment of Bills
Associated Professional Services will pay bills from the Association’s checking account or reserve account. The accounts are established in the association’s name: the Board of Directors will have the option of designating Associated Professional Services, Board members, or both as signers.
Associated Professional Services will pay all recurring bills (utilities, landscape, refuse removal, etc.) automatically. In the case of non-recurring bills such as plumbers, electricians, and emergency repairs, payment authorization will be required by a Board member, manager, or other authorized person.
A petty cash fund may be established with a Board member or on-site manager for smaller purchases: the amount is decided by the Board of Directors. All receipts for purchases should be retained by the association until another petty cash check is required. Receipts should be submitted at the time a request for a check is given.
Each month, Associated Professional Services provides a clear, concise financial statement. These can be customized to meet any association’s specific needs.
The basic reports include a balance sheet, an income statement which shows month-to-date and year-to-date figures with budget comparisons and variances, a check distribution report of services provided, and an accounts receivable report which includes a status line for delinquent accounts over 60 days. Additional reports or lists can be provided to your association as required.