HOA 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 manages every aspect of accounting and financial reporting for the communities and homeowners associations we manage.
Cedar Management Group’s internal controls support HOA board member interests in protecting association funds. Each community manager codes all invoices to the appropriate accounts, processes those invoices, and schedules check runs daily to ensure no interruption of services or delays from vendors.
Financial statements are available by email at the end of each month, as soon as our recording process is complete. We will include full or partial financial reports in directors’ reports by request.
We support your HOA Board of Directors with draft budgets delivered well in advance of approval deadlines to allow ample time to evaluate where costs must be controlled, spending parameters, and future planned projects. Additionally, our accounting department assists 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.
HOA Management, Billing, and Assessment Collection
Cedar Management Group understands that receiving assessments on time is the lifeline of a 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) 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 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 as a part of our team-based approach to HOA management.
We take great pride in our robust HOA accounting and collections services. If your community could benefit from better accounting and collections, contact our office at (877)-252-3327 or request a proposal online.