ACCOUNTING & FINANCIAL SERVICES
We have the knowledge, understanding and experience with fund-based accounting practices for non-profit community associations.
We collect your condominium fees, assessments and other receivables, and maintain owner accounts. We administer collection policies established by the Board, and as provided under the Association governing documents.
We deposit all receipts of the Association into a bank account approved by the Association and bearing the Association name.
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.
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 - from 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.
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 missing an opportunity to generate non-condo-fee income? We’ve helped our associations identify sources of non-condo-fee revenue.
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? Deferred maintenance expenses often cost associations as much as if not more than replacement of major assets. We develop streamlined capital reserve schedules and prepare 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.
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.