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Financial Services

  • We prepare an operating budget for each association.
  • Capital reserve analysis and projections for long-range planning are done for all major components of the property (roofs, roads, siding, pool equipment, fences, etc.). This will allow the association to begin building reserves.
  • Our two-funded budgeting method allows the board to easily track the status of operating and capital reserve funds. We will work with the board to develop realistic budgets to ensure the association’s financial success.
  • We provide accurate and timely financial reports customized for your association including operating balance sheets, profit and loss statements, reserve calculations and budget analysis spreadsheets.
  • Our accounting department reconciles all bank statements.
  • We establish audit trails and hire independent auditors to perform yearly audits as required by the association’s governing documents.
  • We use the latest technology that integrates our banking and accounting software for real-time information and balances.
  • Our accounts receivable staff ensures consistent and effective collection of homeowner assessments. Homeowners have a variety of payment options, and our accounting department works closely with association managers, homeowners, and attorneys to collect delinquent assessments.
  • Our accounts payable staff ensures that bills are received, processed, checked against purchase orders, and paid from the association’s own insured account on a weekly basis to assure an excellent credit rating for the association, as well as to maximize discounts

Management Checklist: Ten Questions You Should Ask

Does your current association management company compare to Priestley Management Company’s superior service?

  1. Has the association management company been awarded the Accredited Association Management Company (AAMC) designation?
  2. Is the association management staff licensed by the state real estate commission?
  3. Does the association management company specialize solely in association management, therefore avoiding possible conflicts of interest?
  4. Is a banking lockbox deposit system used for all assessments to ensure timely deposits, better financial controls, and immediate verification of all association monies?
  5. Are newsletters sent to all homeowners on a regular basis with an update on association activities, meetings, etc.?
  6. Does the association management company carry full liability insurance plus supply the board of directors with a copy of the insurance certificate?
  7. Is the association management company a member in good standing of the professional trade association, the Community Associations Institute?
  8. Does the association management company have a staff person who has graduated from the Community Associations Institute’s Professional Management Development Program and received the PCAM or AMS designations?
  9. Is the association management company active in continuing education programs to stay abreast of the day-to-day changes in community association management?
  10. Does the association management company have 24-hour emergency service with personnel to respond to after-hours emergencies?