Denver HOA Financial Management Services/Community
Finance Administration
Collection of HOA Dues
Deposits will be made in a FDIC insured financial institution. Coupon books will be provided to homeowners for the mail-in submission of monthly dues.Active Delinquency Monitoring
We will send out monthly notifications for overdue accounts. We will work with the Board to establish a policy of turning over delinquent homeowners to collections and filing liens where necessary. Good community management means being on top of dues collections. We work hand in hand with good collections attorneys in the Denver Metro Area to make sure all dues come in. If a property is rented we will get a court ordered receiver to have the renter pay the rent to the HOA first, and the owner second. Other management companies keep late fees or collections fees. We do not – they are deposited into the HOA’s account.
Processing of Accounts Payable
Checks will be prepared for signature by Board members at the monthly meeting. This will include auditing of billings to monitor charges and assure that services are received.
Preparation of Financial Reports
We prepare all financial reports including annual and monthly balance sheets, annual and monthly income statements, reports for operations, cash flow, trial balances, and aging reports. Special reports or reporting formats can be arranged at the request of the Association.
Reserve Study
While we feel it is a conflict of interest for those managing your money to prepare the reserve study, we will work with the Board and a professional reserve analysis company to determine the status of reserves and potential changes in requirements.
Annual Budget Planning
90 days prior to the end of the budget year we will prepare an annual budget with subsequent monthly reports that detail the status of accounts with respect to the budgeted amounts both monthly and cumulative. Special reports or reporting formats can be arranged at the request of the Association
Internal Accounting and Cash Controls
We provide professional internal accounting and cash controls for the protection of Community Association assets. Records will be available le for audit by Association, Homeowners (as required by law) or the Association’s designated agent at all times.
Filing of Taxes
We will assist the HOA with the proper and timely completion of governmental reports and licenses as required.
Audit Support
To insure proper financial reporting we recommend an independent audit be performed yearly.
Insurance
Receiving, assessing and ordering appropriate insurance (property and Board liability and as otherwise identified) for the property. As required, the processing of any insurance claims will be managed.
Telephones
Generally, you can reach us from 7am to 6pm, however there will be times when we are out in the field and unable to answer the phone. Our policy is to check the Voice Mail first thing in the morning, at noon and the end of the day.
Mailing all items on behalf of the Association to include payables, rules violations, notices, collection letters, etc. The association bears the cost of the materials and postage. We collect all mail and performing appropriate actions as authorized.
Maintaining Owner Records
We keep individual files on homeowners including name, address, absentee address, owner remittances, late fees, legal fees, other fees/assessments and account balances.
Contact our Denver HOA management company today at 303-832-2971 or submit the convenient online form to the right.
When it comes to HOA management companies, Denver based CAP management is the company with the experience and integrity you can count on.