Monthly Financial Reports: Financial reports should be completely detailed in order for the Board of Directors and unit owners to see where their monthly assessments are being spent. A computerized report includes data on both accounts receivable and payable. It reviews the previous month’s expenditures including a year to date summary. This report shows you exactly where the association stands according to the budget figures for the year.
Budgets: The foundation of your financial needs is your current budget. Your assigned Bookkeeper will work with your Manager to review your past budget and research and revise your Reserve accounts towards presenting the first draft of a new budget each fall. This will bring the accounts up to date and show the real financial picture of your association. This process is mandatory in order to ensure expense control.
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