Financial & Bookkeeping

Financial & Bookkeeping

We handle all Association receivables and payables while the Association Board members retain all signature authority. We prepare financial reports and the annual budget, as required by law.

Bookkeeping
All Association receivables and payables are handled by our in-house bookkeeping department. The bookkeeping department also coordinates year-end tax return preparation and review/audit with the Association’s CPA. We also prepare and distribute vendor 1099 forms.

Financial Reports
Financial reports are prepared on an accrual basis monthly and include a cash budget comparison report. Bank statements are reconciled within a week of their receipt. Each month is closed immediately following bank reconciliation and financial report preparation.

Vendor Invoices
We match vendor invoices to work order/contract and distribute to managers for review, coding, and approval. Payables are generated on the 1st and 15th of each month and mailed to Board members for signature.

Payments
We prepare cover letters and a “checks submitted for signature” report and mail them with a return postage-paid envelope to a designated Board Member for first signature. Signatures of two Board members are required for each check. CJM has no signing authority on Association accounts.

Annual Budget
CJM managers work closely with our bookkeeping department to prepare a first budget draft based on past budget performance and possible future expenses. The first draft is submitted to the Board members for review. Any adjustments and recommendations are re-calculated and subsequent drafts are submitted to the Board for approval. After the final draft is approved, we formalize the budget and distribute it to all owners, along with other disclosure information required by law.

Escrows
Requests for escrows, documents and lender certifications are processed through www.getdocsnow.com

Sample financial, budget, and delinquency reports are available upon request.