ACCOUNTING & FINANCIAL SERVICES
Ensuring Your Financial Security
Our experienced team of financial professionals are dedicated to ensuring that your association meets its fiduciary responsibility to the property owners. Our services include the following:
Budgets
- Prepare and analyze annual budgets for existing associations
based on the
timeline established by the association’s governing documents - Hold budget workshops and training opportunities for board members
- Track actual financial results against the budget on a monthly basis
and
provide the results to the association board - Prepare budgets for new projects to be used for setting initial assessment levels as required by governing documents
Accounting
- Complete a Balance Sheet and Income Statement on a monthly basis with a budget to actual comparison
- Reconcile all bank accounts
- Within 30 days of year-end, a complete financial statement package
is provided consisting of a balance sheet and operating statement. RMI
will also assist in obtaining bids from
outside sources for audits, tax return preparation, and other desired financial
services. - Supply MICR encoded coupon booklets or billing statements at the
association’s option. MICR encoding allows for the use of an automated
lockbox system to facilitate timely and accurate posting to homeowner’s
accounts. - Provide weekly payment of accounts payable
- Provide on-line access to homeowners’ accounts
Fee Collection and Delinquency Reports
- Track and follow-up of past due balances, late fees, and other association
charges to minimize delinquency and assure that costs and fees are charged
back to the appropriate homeowner - Post applicable fees and assessments to homeowner accounts on
a monthly
Basis or as dictated by the association’s governing documents - Provide monthly delinquency reports to the community managers
and the
board
Collection Services
Red Rock Financial Services (RRFS), a licensed collection agency in the State of Nevada, provides collection services to Community Associations through the non-judicial foreclosure process. We have over five years of experience in collecting assessments for common-interest communities, focusing on customer service and client relations. RRFS provides services to community associations with no up-front fees. Please visit Red Rock’s website at www.rrfs.com.
