Some Associations only need financial management and accounting services, which Oakbrook offers on a flat monthly fee basis, as below:
- Accounts Receivables: Collect and account for monthly condominium and other fees. Maintain Owner accounts. Follow-up on delinquencies.
- Accounts Payables: Pay bills in a timely way. Verify invoices and confirm work was done. Maintain vendor accounts.
- Bank Accounts: Maintain checking and saving bank accounts and reconcile bank statements to the accounting system monthly. Set-up of all Association bank accounts along with the appropriate Board Members.
- Financial Reports: Provide monthly bank reconciliations, Balance Sheet, Actuals to Budget Performance, Check Detail, Deposit Detail, and Delinquency reports to the Board along with any additional supporting reports requested. Oakbrook uses the “accrual” basis of accounting to maintain accounting records, which is in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
- Budgets: Prepare the Annual Budget for Board of Directors approval and monitor throughout the year. Continually analyze expenditures and contracts. Propose modifications as needed. Manage cash flow in accordance with the financial plan of the Association.
- Replacement Reserves: Provide for the calculation and setting aside of adequate replacement reserves. Coordinate Reserve Studies every 3 to 5 years to set annual reserve contribution levels.
- Insurance: Coordinate with the Association’s insurance agent to assure adequate coverage at competitive prices.
- Audits & Tax Returns: Coordinate at least annually with third-party independent auditor to prepare the Audit as required by the Bylaws and assure filing of required tax returns.
- Special Assessments: Calculate the allocation of any special assessments and administer as directed by the Board.