1st American Management Company, Inc. will provide the following financial reports for commercial management properties as well as homeowners associations:
- Balance Sheet
- Income Statement to include monthly and year-to-date income and expenses
- Supplementary reports showing income and disbursement detail
- Monthly check register
- Accounts Receivable and Accounts Payable reports as of month-end
- Bank Statements and Reconciliation Reports
- Delinquency Reports
- Year-end reports and detail necessary for the preparation of tax returns
The Property Manager will expend funds on behalf of the property or association within the parameters of the approved budget, or based on the decisions of the board of directors or owners. Disbursements of approved expenses are made on a weekly basis by the accounting department.
The Property Manager will assist the board of directors or owners in the preparation of the annual budget and in the development of long-term maintenance plans and financial goals.
All assessments and rents will be collected in a timely manner. Delinquent accounts will be assessed late fees per lease agreements and instruction of board of directors.
