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  Financial & Accounting Services

  • Maintain checking, savings and other banking accounts in the name of the association. All bank accounts are maintained separately from all other accounts of the Oracle Management Group, LLC.  The funds in these accounts will not be commingled with any other funds controlled by Oracle Management Group, LLC.

  • Prepare monthly bank reconciliations for all bank accounts.
  • Review present cash management and accounting records of the association, and provide recommendations where appropriate.

  • Maintain computerized accounts receivable records for all units, which include a detailed accounting of all maintenance fee or other assessments, late charges, and payments. All payments will be directly deposited into the association’s bank account Lock Box.
  • Preparation, receiving, posting and depositing of accounts receivable.
  • Review and make recommendations of the Association’s collection policy.
  • Notify Owners of any delinquency and take reasonable action for the collection of the delinquent assessments in accordance with the Board’s collection policy including timely interface with the association attorney and/or collection agency on severely delinquent accounts that are scheduled for additional collection activity.
  • Prepare and mail all annual maintenance fee coupon books to all owners.
  • Maintain computerized accounts payable records for all vendors.
  • Verify all invoices for accuracy and reflect proper pricing, discounts prior to processing.
  • Prepare all vendor invoices, checks and reports for signature by the association.
  • Make all disbursements from assessments collected for normal recurring expenses as provided in the budget and as approved by the Board.
  • Maintain all financial accounting books and records on a computerized general ledger system.
  • Maintain accounting records for all reserve funds and provide future funding recommendations.
  • Prepare a proposed annual budget. The budget is typically based on prior operating expenditures, estimated future expenses, and required capital replacement reserves.
  • Furnish complete month-end balance sheets and related statement of revenues and expenses, and supporting schedules for the one month and year-to-date expenditures. These include the following reports:
  • Obtain an engagement letter for the association’s accountant in the preparation of the year-end review, compilation, or audit, and the year-end tax returns.
    • Balance sheet
    • Summary of revenue and expenses (Including budget versus actual expenditures and month-to-month and year-to-date)
    • Reserve revenue and expenses
    • Accounts payable summary of checks written
    • General ledger
    • Accounts receivable delinquency report

Oracle Management Group, LLC

P.O. Box 825421
Pembroke Pines, FL 33082

 

Phone: 954.443.7880

Toll Free: 1.800.928.4509
Fax: 954.443.7412
E-mail:
info@oraclemgt.com

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