Home Owners Association Accounting Services
At LBPM we understand the challenges a self-managed community faces. Financially managing a Community Association is a complex task full of legal obligations and emotional homeowners. With our accounting services we offer an economical way for a Board to best utilize property management.
When LBPM works with your self-managed Homeowners Association, we take on the HOA Accounting role so the Board may focus on the day to day operations.Learn More
The following services are included in our HOA Accounting Services:
HOA Accounts Payable Services:
Provide monthly assessment report to the Board which will include:
- Summary of any action taken and status of all delinquent accounts.
- Accounting of receipts and disbursements.
- Budget variance report.
- Reconciled bank statements of the operating account.
Assist the Board with preparation of the annual budget.
- Assist the Board with contracting for the annual reserve study and annual audit.
- Enforce Association’s delinquency policy in accordance with the (CC&Rs) Covenants, Conditions, and Restrictions, up to and including the filing of a lien. Cost of filing a lien is extra, fee is paid by individual owner.
Work with Escrow, Title, and Loan Companies in time of resale or refinancing to:
- Provide current status of assessments of subject unit.
- Provide Condo Certificate to help process Sale or Refinance.
- Collect information of new buyer for Association’s records.
- Submit reports itemizing all financial activity to Association’s CPA for review for tax filing. Vendor referrals
- Available to assist with Parliamentary Procedure, legal issues, etc.
- These services have additional costs which will be paid by individual owners.
At LBPM, we provide you with answers to:
- The Challenge of having to collect HOA dues from your neighbours by giving them multiple ways to pay and diligently following up with those who are behind. LBPM provides a professional cushion between your role as a Board member and as a neighbor.
- Keeping up with the HOA’s bills and financial reports. Our professional accounting staff will maintain accurate records and oversee all accounting matters to include budget and delinquency control.
- “Where do my dues go? What is my money spent on? I never see any financials!” These are questions that many Board members hear repeatedly. LBPM provides timely, clear and concise financial information, providing the Board with the tools you need to have a happy membership.
- LBPM takes pride in offering Homeowners Associations an economical advantage when trusting us with your HOA accounting needs.