HOA FINANCIAL:
  • We use Yardi Voyager, various word and excel programs, as well as recording program software that records the minutes directly onto our laptops at the meetings. Our software program allows us to access our computers at our office from any location. Managers and CPA are able to log on and utilize Yardi Voyager: Interactive from any computer. We scan and email most information to our boards to save on copy charges and postage. 
  • We can provide both cash or accrual accounting. Both reports can be generated.
  • Requests to have checks issued are sent to the president and/ or treasurer for review and approval around the 1st and 15th of each month.  Utility checks can be issued as received to insure that there are no disconnections or late fees since their billing cycle may be different than our check writing schedule. Individual checks can be authorized and issued at any time pending approval by the designated Board officers. 
  •  A summary of the checks to be issued is sent to the president and/or treasurer or designated officer for review, along with an accounting of the balance in the operating account.  Invoices are scanned and sent to these officers for review.  Once communication is received with instructions, checks are then processed by the accounting staff.  Checks and their corresponding invoices are attached.  Board members can come to the management office to sign checks or they can be delivered to the respective Board members.  In some cases, the Board members will directly mail the invoices to the respective companies as opposed to returning the checks to the management office for mailing.  The check writing procedure is established each year by Board policy which includes which officers will sign their checks.  
  • We do seek bids for the board’s annual tax return preparation and financial review and or audit. NOTE: we do recommend a review or an audit be done annual by CPA and audit every five years.
  • H & L prepares and forwards a complete financial End of the Month (EOM) packet for the Boards to review monthly. 
  • H & L prepares, at the Boards choice, a variety of reports which can compare one or two year of history. 
  • Each month the Board receives the bank statements and the bank reconciliation reports.
  • Only the H & L accounting department is given access to prepare the checks, limiting liability and access to checks.
  • All delinquency letters and communication to homeowners are generated in-house.  Our accounts payable department handles delinquent accounts up until the lien process. At that point they are turned over to the collection agency. At thirty-(30) days (or per the collection policy) we send a reminder letter and if after sixty-(60) days they still have not paid, the intent to lien letter is sent certified. If the balance is still unpaid their account is forwarded to the collection agency to begin the foreclosure process, in accordance with NRS guidelines. NOTE: the timeline is generic, we would modify this process to suit the association’s needs based on the board policy and procedure in conjunction with NRS guidelines. 
  • There is a delinquency report included in the financial monthly report as well as the collection companies’ reports and copies of the delinquency letters to the homeowners.  
  • H & L will prepare the initial budget. Once a draft of the budget has been prepared, it is submitted to the Board for their review, input, discussion etc. Many Boards select members including the treasurer to meet with the management company in developing the budget prior to the budget being submitted to the Board for their review.
  • Most Boards will review the reserve balances at their meetings when the financial reports are given. Often specific items are reviewed by the Board when preparing to obtain bids on common area components.  In addition, H & L reviews all reserve studies in July prior to beginning creating annual budgets in August of each year.  Reserves are also reviewed by the Board during the budget process. 
  • H & L accounting coordinates and provides all necessary information to the designated CPA.  Our software system allows us to provide specific codes so that the accounting firm has access to all of the financial information on the Yardi system.  Additional information is submitted to the accounting firm such as copies of insurance contracts, capital improvement contracts, service and management agreements, etc. 
  • We prepare specifications for many kinds of maintenance projects.  Highly technical specifications may be prepared by specialists.  Many Boards prepare scopes of work to be performed which the management company reviews and provides comments or recommendations.  It is more difficult to obtain three bids for work under $ 500.00.  The state laws and regulations say when practical to obtain the three bids which may not occur under emergency maintenance issues such as a major water leak.  
  • We ask the contractors for detailed specifications of the work to be performed including the cost for labor and supplies for the entire project, along with desired completion timeframe.  In addition, we need current insurance liability and workers compensation certificates, W-9s, business license, qualifications for the project and referrals, etc.