ACCOUNTING & FINANCIAL SERVICES
We have the knowledge, understanding and experience with fund-based accounting practices for non-profit community associations.
Experience means handling day-to-day matters efficiently and professionally. Anyone can handle a normal routine. It’s how we handle the routine things that makes us different. We are accessible and available. We communicate with our clients in whatever manner our clients prefer– through email, text, phone, video-conference and in person. We provide our services to associations transparently and cost-effectively. Our clients have timely information and thorough understanding of what is going on - which provides reassurance that their seashore condo association is in capable hands.
Experience also means recognizing the unusual and being aware of when things are not right. It is the ability to identify deficiencies and correct problems quickly and effectively. It is the reason our clients have confidence and trust in us. It’s the reason associations turn to us when they face challenging situations, difficult, unusual and one-time scenarios and issues and complex problems affecting their associations.
We help Boards follow established FHA criteria for sound financial governance. When preparing annual operating budgets, we include a minimum 10% reserve contribution. We pay attention to make sure you are actually funding the reserve contribution within the fiscal year. We advise your board to monitor your reserve study so it is updated every 5 years. We recommend that the amount of your property insurance covers full replacement cost valuation. We recommend that you maintain three accounts: operating funds, reserve for replacement fund and a fund for deferred maintenance. We make sure your cash on hand is always greater that the amount of your property insurance deductible.
We receive your condominium fees, assessments and other receivable by check, auto-pay or ACH and we maintain accurate and up-to-date owner accounts. We administer collection policies established by the Board, and as provided under the Association governing documents. We offer the framework for effective, clear and concise collection policies. Collection activity typically includes late notices, late fees, filing of liens (additional charges apply) and coordination with legal counsel in event of serious delinquency.
We deposit all payments and receipts of the Association into a bank account approved by the Association and bearing the Association name. For efficiency, the bank must have a branch located in the Wildwoods. We accept personal checks, checks from bill-pay services, and ACH authorizations. We do NOT accept credit cards or cash. If your association accepts credit cards, we can process credit card transactions.
We enter and digitize all invoices and forward copies of invoices and checks for payment to designated Board member(s) for review and approval. Reserve expenses (for major projects or purchases) require approval from a minimum of two Board members.
We issue periodic financial reports including comprehensive detailed income and expense reports, variance reports comparing budgeted and actual expenses, year to year comparisons of operating results, balance sheets, pre-paid and delinquent dues, check registers. Our easy-to-read periodic financial reports include detailed expense memos. Board members are not only aware of every expense incurred to operate their association, but why the expense was incurred.
Our accounting platform is QuickBooks Pro Accounting Software. We retain a complete set of files and records for the Association for up to three years. Records and files more than 3 years old are returned to the Association.
Do you know how to prepare a realistic annual budget? OPMC and Elite prepare dozens of condo association budgets every year - for a 5-unit association with a budget of under $40,000 to larger associations with hundreds of units and multi-million-dollar annual operating budgets. Budgets are prepared so they align with our client’s operating plans and meet unit owner expectations. We develop and prepare annual operating budgets by combining zero-based budgeting methods with historical trend analysis. While we are confident in our budgeting process to provide a reliable financial forecast for your Association, we make no warrants or guarantees of revenues or expenses in connection with the budget.
Does your association provide annual financial statements to your owners? Our procedures facilitate the auditing process and allow for efficient and timely preparation of annual financial statements and tax returns. Our work on behalf of our clients is reviewed and audited every year. We assist your Association’s accountant by providing all requested reports and records for preparation of the annual audit.
One thing we are most proud of: We’ve never had a questionable audit or review.
Is your association putting away enough every year into reserve accounts? Most associations set aside something for large replacement projects. Do you know how to determine how much is adequate? Periodic and preventive maintenance expenses often cost associations as much as if not more than replacement of major assets.
We develop component asset schedules, streamlined capital reserve schedules and prepare periodic deferred maintenance cash flow projections and analysis for client associations so they can plan for and finance larger projects to maintain the association assets, fixtures, equipment and buildings.
We administer the investment of funds under the direction of the Association Board of Directors. The guiding principle is to ensure Association funds are risk-free while generating interest at a level consistent with current market conditions. We assist our clients in developing investment policies that best suit their association. We can refer to investment advisors that offer more than just money market and bank investment instruments.
Is your association missing an opportunity to generate non-condo-fee income? We’ve helped our associations identify sources of revenue from leases, easements, commissions, capital contributions, amenity usage fees and resale transaction fees. Every little bit helps.
How do you know what it really costs to operate your association? OPMC and Elite implement fiscal initiatives and advise our condo associations on control measures to make sure your association runs smoothly and gets good value for every condo fee dollar spent. Want to know more about our fiscal initiatives? We’ll be glad to discuss our approach with you.