LRES offers complete transparency while maintaining and managing all financial records and transactions. These financial management services include:
Accounts Receivable - Collection of Assessments (Regular & Special)
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- Prepare and send payment books or invoices to all owners
- Receive and process all payments
- Address Owner communications regarding account status/history
- Implement late fees when applicable
- Send late notices each month to accounts with past due balances
- Follow up with delinquency letters when necessary
- Coordinate lien process and any further remedies for unpaid accounts
Preparation, Distribution, Review, and Analysis of Quarterly & Annual Financial Reports
- Balance Sheet - showing assets and liabilities.
- Income Statement - detailing all income and expenses on accrual basis.
- Cash Disbursement Journal - report of all checks written in any given time period.
- Past Due Report - 30, 60, 90+ day tracking of all outstanding balances.
- Prepaid Report - listing of all owners with prepaid balances.
- Vendor Summary - annual tracking of amounts paid to each vendor.
- Additional reports are available upon request.
Accounts Payable - Processing of all Payments
- Receive all invoices
- Review and confirm validity of invoices
- Monitor and track all utility bills to determine if there are problems (i.e. leaks, etc).
- Confirm that all services have been satisfactorily completed prior to payment
- Code invoices in accounting system in order to provide valid quarterly reports
- Prepare and distribute all payments
Preparation of Annual Operating Budget
- Work with the Treasurer to develop an Annual Budget
- Ensure spending throughout the year stays within the approved budget