ADAM, LLC Management will set up a customized management program that fits your condominium or homeowners association’s needs. Below are overviews of the services and capabilities that are provided by our company. (The lists are not all-inclusive).
General & Accounting Services
- Assist in opening a property bank/trust account at the highest available interest rate.
- Maintain account ledgers and history for each homeowner.
- Obtain a reserve study in accordance with the Board of Directors for the major components of the property.
Prepare and distribute a monthly accrued financial statement that includes a balance sheet, income statement, bank reconciliation report, check register report, accounts payable report, and delinquency report.
- If required by the Board, secure the printing and mailing of coupon payment booklets to all unit owners.
Prepare and submit to the Board, a proposed annual operating and reserve budget, and assist in the preparation and dissemination of the final budget.
- Perform ongoing budget analysis and continually monitor cost trends in the area to avail the association of the most economical operational practices.
- Maintain a computerized corporate ledger which includes all receipt and disbursement information which shall be available for inspection by the Board upon request.
- Prepare the annual financial report and disseminate to each homeowner at the discretion of the Board and expense of the association.
- Prepare any additional financial reports requested by the Board.
- Review billing for accuracy in costs and goods received, making out checks for approved invoices and payroll (if there are employees).
- In connection with association employees, prepare all payroll tax reports and disburse payment of same.
Maintain an employee file.
- Maintain a check register and payable journal while performing regular bank reconciliations.
- Upon request, provide individual homeowners with the status of their own account and coordinate the solution of any discrepancies that may occur between the official record and a homeowner’s record.
- Maintain a comprehensive “bills-paid” file that shall be open to inspection by the Board at any time.
Provide the Board of Directors with monthly statements of delinquent accounts.
- Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
- Assist and cooperate with any outside auditing firm that may be retained by the Board.