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HOA Management Company Charlotte NCHOA Management Company Charlotte NC
HOA Management Company Charlotte NC
Carolinas Leading HOA Management Company
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(877) 252-3327
help@mycmg.com

  • Home
  • Our Services
    • Community Management
    • Accounting/Collections
    • Maintenance/Violations
    • Board Education
    • Reserve Planning
    • Legal Assistance
    • Value Added Services
  • Why Cedar?
    • Our Message
    • Our Mission
    • Testimonials
    • Our Value
    • Answers
  • About Cedar
    • Company Facts
    • Our Staff
    • Memberships
    • Careers
    • Partners & Acquistions
    • Resources
  • Blog
  • Contact Us
    • Office Locations
    • Homeowner Central
    • Pay Dues Online

Financial Transparency

At Cedar Management Group, we understand that financial security is a very serious matter. We’ve created standards of procedure to protect the funds of all of our communities, both large and small. We take great effort in protecting both the association’s accounts payable process and receivables process.


Payable Invoices

Payable invoices are reviewed on every level from approval to payment. The Association manager reviews the invoice from the vendor before submitting to the Board for approval. Once the Board has approved, the Accounts Payable administrator processes the payment. Finally, an Operations Manager reviews the payment before signing the check or signing off on the funds transfer. At each level, the person involved checks the invoice against the budget, or if the expenses was unplanned, that the transaction was approved properly.

Internal Control

Invoices go through several team members before being paid. This ensures all protocols are followed correctly, and a fourth person then reconciles the bank statement so there is no overlap.

Financial Statement Review

Before monthly financial reports are given to our Board members, they are first reviewed by multiple team members. At the end of the month, a member of our accounting staff double checks to make sure the Balance Sheet accounts reconcile and verifies the Income & Expense statements for budget variances. From there, the Accounting Manager generates the financial reports, ensures all required reports are included, and checks them for accuracy. The reports are then sent to the Community manager who reviews them and shares them with the board.

Owner Assessments

As with the accounts payable process, our receivable process also goes through many levels of verification to make sure it is handled properly. During community onboarding, the Accounting Manager verifies the amount of assessments paid by the owners. When it is time to invoice the assessments, an accounting team member applies the charges and sends the invoices to the Community manager to verify the amounts are correct. Proofs are sent to the Board for approval and then sent to the owners. When payments are received, a staff member in Accounts Receivable processes the payments and a Collections Manager handles the collection of overdue funds.

Reports of payments received, outstanding accounts receivable, and collection statuses are included in the monthly report provided to the board.

Audits

Should the Association’s governing documents require it or the Board request it, Cedar is more than happy to work with an independent CPA to conduct an audit of the Association books.

Insurance Coverage

Cedar Management Group is fully bonded and insured. In addition to our company, we also review each association’s coverage to make sure they have proper coverage for the community and the board of directors.

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Our Community Association Management Locations
  • HOA Management Charlotte | 704-644-8808
  • HOA Management Rock Hill SC | 803-620-1388
  • HOA Management Asheville | 828-333-4404
  • HOA Management Hickory | 828-358-1245
  • HOA Management Winston-Salem | 336-793-0879
  • HOA Management Raleigh-Durham | 919-348-2031
  • HOA Management Columbia | 803-234-4444
  • HOA Management Greenville SC | 864-469-4937
  • HOA Management Mooresville | 704-235-4902
  • HOA Management Greensboro | 336-690-5001
  • HOA Management Charleston | 843-416-5038
  • HOA Management Hilton Head | 843-547-0206
  • HOA Management Myrtle Beach | 843-286-5545
  • HOA Management Wilmington | 910-782-1143
  • HOA Management Knoxville | 865-314-8562
  • HOA Management Nashville | 615-488-0684
  • HOA Management Chattanooga | 423-405-7050
  • HOA Management Memphis | 901-440-3067
Recent News
  • Rising Number Of South Carolina HOA Complaints: What Is This About?
    May 24, 2022
  • 3 HOA Memorial Day Activities For The Community
    May 11, 2022
  • South Carolina HOA Flag Restriction: Do Homeowners Have The Right To Fly The US Flag?
    May 4, 2022
  • North Carolina Solar Installations In HOAs: Can It Be Restricted?
    April 28, 2022

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©2022 Cedar Management Group. All Rights Reserved. Sitemapcai member

Cedar Management Group
PO Box 26844
Charlotte, NC 28221

Phone: (704) 644-8808
Toll Free: (877) 252-3327
Fax: (800) 334-0526

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