Financial Management for Homeowner Associations
As a Board Member, you are required to maintain and operate property and facilities for the common benefit of the owners and residents.
At Cusick, we provide you with a customized system to manage accounting and a solid financial plan. Accounting is one of the most important services we provide to a homeowner association. Working with your association director and our accounting department provides your board with the expertise needed to properly run your communities financial needs.
Our system handles billing, collections, invoice processing, as well as the long-term financial planning that is critical to your homeowner association’s long-term vitality.
Financial Stability for your Homeowners Association
At Cusick, we support your Board to ensure the financial strength and long-term stability of your community. In a perfect world, your homeowner’s association board would consist of an accountant, lawyer, and property manager. The reality is HOA boards consist of inexperienced community volunteers.
Most aspects of running an association require some level of skill. The financial management details are time-consuming and can create anguish for the majority of board members.
Building and maintaining financial stability and understanding your financial position are both vital and critical to overall success. Cusick brings strong financial management experience and will work with your Board to build both short and long-term value for your community. The security of the association’s financial position is our top priority.
Accounting and Financial Management Services include:
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Complete financial reporting package customized for your association
Detailed owner payment and delinquency report on a monthly basis
Internal controls to protect association funds
Payment of all bills approved by Board from association funds
Monthly bank statements and reconciliation to the Board
Billings sent to homeowners, including regular assessments, late fees, special assessments, and collection fees
Preparation of annual budget to be approved by Board and distributed to homeowners
Assist auditor chosen by the association for tax and audit preparation
Timely preparation of reports and forms for governmental agencies including employer tax forms and 1099’s
Trained collection department to work on all delinquent accounts and coordinate with the Board and association’s attorney
Establish and maintain reserve accounts