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Accounting Only Services

 

Bennett Management Company now offers accounting only services for Homeowners Associations who are looking for an experienced property management team to handle their accounting needs as well as title demand and lending questionnaire processing.

Benefits of Accounting Only: 

  • The Accounting-Only program helps control costs for your HOA and eliminates services that you may not use or need.

  • Members save time & your community saves money by establishing electronic payments (ACH) through our easy-to-use online portal by AppFolio property management.

  • Electronic, easy-to-read financial statements monthly.

  • 24/7 Emergency maintenance service available (actual cost of maintenance & response not included).

  • A La Carte services are available at reasonable prices.

  • Monthly reporting of budget versus actual.

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Accounting Only - Includes:

  • New Owner Notification.

  • Operating Account (Summit Bank) opened and maintained by BMC.

  • Monthly bank reconciliations on the BMC maintained operating account. We will reconcile and post interest on any reserve account when the Board of Directors provides a monthly bank statement.

  • Full accounts receivable & payable support.

  • Receipt of assessments. Owners are able to pay online through an owner portal where they can choose payment by E-Check at no cost to them, or with a credit card with a nominal fee charged by a third-party processor.

  • Automated deposit of assessments into the association’s operating account daily.

  • Late fee processing per an established association collection policy/resolution.

  • Weekly payment of Board approved invoices. Bills will be paid by BMC in accordance to the provided approved budget and within BMC general expense line items. BMC will provide a list of General Ledger codes to be used for ease of matching income and expenditures to your HOA budget. Any invoice to be paid outside of approved budget lines items, board to approve before payment is processed.

  • Monthly electronic financial reports through the board portal to include: Balance Sheet, Annual Budget Comparison (or Income Statement if no budget provided), Accounts Receivable Delinquency Report, Prepaid Revenue Report, and General Ledger.

  • Resource for attorneys, CPAs, or other professional services.

  • Resource for maintenance and landscaping services. (Actual cost of maintenance and landscape services not included)

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Escrow Resources

BMC will process & provide the following escrow documents at no charge to the association through Homewisedocs.com (fees are paid by the requestor). A designated board member will be required to provide updated non-financial information when needed (approved annual budgets, updated insurance declarations, etc.).

  • Title Demands: an escrow document requiring information like outstanding violations or collections, assessments, and due dates.

  • Lender Questionnaire: varies by lender and provides information such as Association insurance expiration, reserve fund balances, and number of rentals. Initial information will be provided by the Board of Directors.

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Additional Hourly-Fee-Based Services Offered:

  • Notices and mailings

  • Annual reports for state agencies

  • Annual Audit Coordination with Association CPA

  • Facilitation of Reserve Study or Maintenance Plan

  • Budget preparation

  • Assistance with preparation of resolutions, amendments, other consultations with association general counsel and/or other professional service providers.

  • Meeting attendance

  • Prepare correspondence to members

  • Bid acquisition for capital improvements

  • Capital project management

  • Other projects as requested

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