At City Edge Property Management, we recognize that a solid financial foundation is integral to the well-being and growth of any community and your property management firm plays a crucial role in ensuring that this foundation is well-maintained. Our dedicated team is committed to ensuring your community thrives through comprehensive financial planning, transparent accounting, and personalized support.
Our Financial Management Services Include:
Monthly Financial Reporting: Provide detailed monthly reports that summarize the financial status of the association, including income statements, balance sheets, and cash flow statements, and customize financial reports as requested by the Board of Directors.
Accounts Receivable: Oversee the collection of monthly assessments and fees from unit owners/shareholders, sending reminders, managing delinquencies, and implementing collection procedures for overdue accounts. Detailed account statements summarize owners' financial activity, including assessments, payments, and any outstanding balances.
Accounts Payable: Manage the payment of invoices to service providers and contractors, ensuring timely payments and maintaining proper documentation for all expenses. We also implement procedures for electronic approval of invoices by Board members and ensure all vendors carry appropriate liability and workers' compensation insurance with renewal certificates obtained.
Budget Preparation: Develop an annual budget that aligns with the goals and fiscal needs of the community, including assessing projected income from dues and fees, estimating operational costs, and planning for future repairs or improvements.
Expense Management: Oversee day-to-day expenses and ensuring that costs stay within the approved budget. This includes vendor contracts, utility management, and service payments.
Audit Coordination: Facilitate annual audits by external accountants and provide necessary documentation and support during the audit process, including filing accountant-prepared tax returns.
Reserve Fund Management: Ensure that the community is setting aside adequate funds for future major repairs or replacements, such as roofing or infrastructure.
Bank Account Management: Open and maintain all bank accounts, reconcile accounts monthly, and assist the Board with investment strategies for reserve accounts.