For communities utilizing JDH Association Management for financial services, we will:
- Prepare monthly financial statements for Association. The statements will include, as a minimum, Income Statement, Balance Sheet, accounts Receivable Breakdown, General Ledger Activity Report and Bank Statements Reconciliation. Additional reports available as needed include Budget Variance Report, Collections Comparison, Accounts Receivable Summary, Accounts Receivable Ledger and others.
- Prepare checks for Association's payables twice per month, or more often if needed, and deliver the checks to a specified member of Association for signature.
- Keep all bank accounts balanced and perform a monthly reconciliation of the bank statements.
- All Board members shall be on the signature card for the bank accounts in order to perform day-to-day functions such as transferring funds between accounts or stopping payment on checks. Two signatures will be required on all checks, and typically Manager will apply the first signature before passing the checks to the designated Association officer.
- Prepare either 1 120-a or l 120-H federal income tax returns for association. An analysis will be done each year to determine which option is more favorable for association. Assistance from an attorney or a CPA will be enlisted at the expense of association if requested. Schedule quarterly tax deposits for Association if required.
- Prepare state franchise tax returns for Association if required. Apply for franchise tax exemption if Association qualifies.
- Process and verify property tax statements. Petitions appraisal district for nominal valuation if not already granted.
- Carry out a cash flow analysis with revenue and expense projections in order to recommend a maintenance fee and a budget for Association. The budgeting work should be completed in October of each year.
- Perform an annual update of the analysis of reserve funds during the budgeting process.
- Provide options for investments (generally certificates of deposit) for Association funds and manage transfer of funds between accounts.
- Provide the financial input and highlights for an Annual Report of Association for the annual meeting if one will be published.
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