Accounting and Financial Reporting
Using accepted accounting principles, we manage every aspect of accounting and financial reporting. We understand that consistent and accurate financial reporting is required for board members to be comfortable with the financial status of their association.
Cedar Management Group has implemented internal controls to support board member interest in protecting association funds. The community manager who is most familiar with the community’s funding codes all invoices to the appropriate accounts. To better serve the vendors providing service to your community, we process those invoices and schedule check runs daily.
The financial statements generated for each community are reflective of our end-of-the-month recording process. As soon as the recording process is complete, these statements are available by email. By request, full or partial financial reports can be included in directors’ reports.
Cedar Management Group provides a draft budget to board members ahead of the required budget approval. We do this to allow the Board of Directors a sufficient amount of time to evaluate where costs need to be controlled, as well as spending parameters and future planned projects. Other duties of the accounting department include assisting in providing records for required annual independent audits of the association’s financial records.
As interest rates change, we keep board members up-to-date, discussing recommendations concerning limited-risk investments of reserve funds. Cedar also provides financial training for board members, including a review of how to read financial statements.
Billing and Assessment Collection
Cedar Management Group understands that assessments are the lifeline of community association’s financial stability. As such, we have implemented many services to pursue the collection of assessments.
Our assessment solution system enables homeowners to use Automatic Clearing House payments (ACH Draft) and the Cedar Management Group website for online payments and credit card payments to secure our communities’ assessments. To simplify the process as much as possible, homeowners are not required to have a username and password, or even an account number, to pay their assessments online.
We manage the association’s assessment and collection policy as aggressively as the board directs. This includes the lien process and the initiation of foreclosure, if so desired. The history of accounts that are moving into lien or foreclosure is turned over to the association’s collection attorney. The monthly management report provided by Cedar for Board of Director meetings includes a collection status and delinquency aging report.
To provide a higher degree of success in collecting outstanding assessments, all homeowners calling Cedar in regard to their accounts are answered by a live person at one of our office locations. We take great pride in our robust HOA accounting and collections services. Contact our office today by calling (877) 252-3327 or click here to learn more about how we can serve your community association.