Financial Management

We understand that your Association needs accurate and timely information regarding your community’s finances. We will assist you in understanding your community’s economic outlook and provide you with options to best manage its finances.

Budget Preparation

The Exclusive team will prepare an initial draft of the annual budget using the current year’s history and factoring in any changes that are expected. This initial draft is presented to the Board for consideration and we work towards finalizing the budget through a step by step process that looks at any relevant information that may affect any of its line items. We will assist in preparing the required mailings and in the budget’s adoption process. Lastly, we provide payment coupons to all residents for the new fiscal year and ensure coupons are provided to all new residents throughout the remainder of the year.

Accounts Receivable

We receive and process owner payments for regular and special assessments on a daily basis through our lockbox service. We post transactions daily to ensure owner accounts are kept up to date with the most accurate information. Owners can see their accounts online by visiting epm.cincwebaxis.com and registering for their community’s website. Registered users are able to make online payments, view account status and payment history, and much more.

Delinquency Processing

The Exclusive team will work with the Association’s Board in establishing procedures for processing of delinquent accounts based on the governing documents. We update our accounts daily to ensure any payments received are applied immediately and late payment fees are implemented in accordance with established procedures. We monitor all delinquent accounts to make sure time is not wasted in moving forward with collecting past due assessments. Once an account is turned over to the Association’s attorney, we work with them to help recover past due assessments.

Accounts Payable

The Exclusive team will establish procedures for processing the Association’s invoices and bills in a timely manner. We will receive and review all invoices and process them for payment. Any variations from usual amounts will be investigated and followed up on if necessary. Checks will be prepared for signature in accordance with the Association’s procedures and the Board will be provided with an up to date check register with balances to verify funds are available.

Financial Reporting

We understand that having a clear and concise picture of the Association’s financial position is critical to making well informed and responsible decisions. The Exclusive team will provide a monthly financial summary which shows the Association’s current financial status without the need to sort through pages of financial data. As part of the Association’s monthly financial package, we will provide the Board with a copy of the following reports by the 20th of each month:

  • Balance Sheet – list assets and liabilities as of the end of the current period.
  • Income and Expense Statement (Profit and Loss) – list income and expenses by account (which had been designated by Association) showing the current month’s activity, current month’s budget, current month’s variance, year-to-date activity, year-to-date budget, year-to-date variance and annual budget.
  • Delinquency report – reflecting individual charges on an aged basis as well as what actions have been taken that month by United on each delinquent account.
  • Cash Disbursement Journal – listing by all checks processed.
  • Copy of bank statement for each bank account held by the Association and a reconciliation report for each account.
  • Pre-payment Report – reflecting assessments received in advance of their due date.

Investments

We will assist the Association’s Board in identifying investment opportunities for the potential growth of operating and reserve funds when requested. Once these have been established, we will assist in monitoring and following the Board’s direction for the allocation and reinvestment of future funds into these accounts.