Financial Services
INTEGRA believes that the best vehicle for proper financial reporting and the production of effective budgets is an accurate accrual-based monthly financial statement. We produce monthly financial statements that are designed to be both useful and informative in their presentation. Furthermore, they are informative and accurate with regard to the strictest adherence to accrual accounting methods, so income, expenses and liabilities are recognized every single month, not just at year-end. Every monthly financial statement is prepared on a strict accrual basis with the same expectations of accuracy as when an annual audit is performed. We have routinely met all of the challenges of our community associations to reflect operating income and expense issues, loans, and balance sheet complexities, and we express inter-fund asset and liabilities on a monthly basis. We produce all the necessary information your association will need to make sound financial decisions.
Finance
- Provide customized monthly financial reports including but not limited to balance sheet, income statement (profit & loss) compared to budget on a monthly and year-to-date basis, statement of disbursements by general ledger account, cash statement reflecting cash receipts ledger account, cash statement reflecting cash receipts and disbursements for all cash accounts, aged accounts payable and aged receivables report noting legal status.
- Accrual accounting methods to be utilized for all internal accounting controls and financial reports, thereby providing more meaningful financial statements. This results in the recognition not only of common charges on a billed basis but also investment interest and other income accruals. Known expenses even though not invoiced will be accrued and prepaid expenses including but not limited to insurance will be reflected.
- Monthly reconciliation of all cash accounts to the bank statements, general ledger and cash statement report. Monthly reconciliation of receivables and payable to their subsidiary ledgers.
- A monthly invoice is issued to each unit owner. This statement will reflect occurring charges along with any special charges, such as fines, additional assessments, or reimbursable costs, including attorneys fees charged for collection activities. Our computerized billing statements express previous balances and current charges by category, along with message line for dissemination of timely information.
- Bank lock box is used for timely deposit of receipts. Our direct transmission provides daily cash flow analysis.
- All accounts are reviewed at least monthly by the A/R bookkeeper. This individual has constant interaction with the association’s legal counsel for additional legal action that may be required. Therefore, all collections are centralized in the main office, allowing the manager more time to manage and focus on other community management needs.
- Prepare all payroll checks on a biweekly basis, arrange for monthly tax deposits, and prepare quarterly payroll tax reports.
- Prepare all invoices for entry and coding to our system, then review, approve and pay all invoices.
- All association vendors, for each respective association, are paid two times per month. All invoices are received in the main office and prepared for payment, first by the receptionist who date stamps and files the invoices with the proper association. Thereafter, the invoice is coded and entered into the A/P system. The invoice is reviewed and approved by the manager. Lastly, the invoice and the check payment are reviewed and approved by the President.
- Using the latest financial statement as a point of initiation, we will present a projection of year-end income and expenses, along with a first presentation of the subsequent year’s plan to properly reflect any cyclical maintenance needs and demonstrate near term financial performance of the association based upon the unique circumstances that it may be confronting.
- Prepare the operating budget of the Association with budget narrative and management plan, to be presented to the finance committee (if applicable) well before the required time frame for implementation.
- Prepare a twelve-month budget income and expense spreadsheet.
- Administer to the investing of Association funds in Association-approved vehicles of investment. Work in tandem with the finance committee as required, receiving any additional input and expertise.
- Maintain an inventory of Association property, when applicable.