Financial Services
When your Association or business is represented by Towers Property Management, your financial success and vitality is our number one priority. Our Accounting team has more than 15 years of experience working in Homeowners Association Management, Condo Association Management and other planned community financial assessment and representation.  Let us handle the time consuming administrative tasks, which will allow your volunteer leaders to focus on the needs of the community.

HOA Financial Management - To ensure your association receives all the benefits of your fiduciary responsibilities, we provide several services to each client account & property to insure accurate & concise financial reporting including:


Accounts Receivable:

  • Maintain and update homeowner master list (adds/deletes/changes)
  • Complete Association questionnaires/certifications and closing letters
  • Create and mail invoices
  • Receive, record and deposit funds
  • Delinquency follow-up
  • Create and send monthly or quarterly statements for accounts with outstanding balances
  • Apply late fees and interest charges
  • Send “file/lien/collection” requests to Association’s Attorney
  • Court Appearances
  • Establish Budget & Chart of Accounts for Association
  • Input all revenue & expenses in accounting system and report monthly
  • Produce monthly financial reports, including:
    • Income Statement (Budget vs. Actual YTD)
    • Balance Sheet
    • Check Register
    • Homeowner Delinquency Report
  • Reconcile bank statements monthly
  • Prepare tax return information for outside accountant (CPA)

Accounts Payable:

  • Receive, review, and ensure timely payments of vendor invoices
  • Attach check stub with invoices, statements or receipts
  • Online invoice approval available for Board Members with Community Website
  • Encrypted digital signature for checks

Budgeting:

  • Develop Proposed Budget based on previous year
  • Produce working budget documents for board of directors
  • Produce consolidated budget for board review and approval
  • Provide budget increase/decrease recommendations

Reserve Analysis:

  • Assist Engineering firm or Reserve Specialist to conduct reserve study

Management Company Expenditures:

  • Provide monthly detail of all Management Company expenses
  • Provide detailed monthly invoice for services


To view our COMMUNITY MANAGEMENT FULL SERVICES PAGE CLICK HERE For information on our services for CONDO ASSOCIATION MANAGEMENT CLICK HERE For information on our services for HOMEOWNERS ASSOCIATION MANAGEMENT CLICK HERE.

 
 

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