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Financial Management of Town Home & Condominium Association
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- Assist with long range fiscal plan development and ongoing monitoring of the plan
- Assist with annual operating budget and reserve plan development and ongoing monitoring of the budget and reserve plan
- Prepare and distribute monthly and annual financial statements
- Maintain replacement and contingency reserve accounts according to the Board of Director approved reserve plan.
- Maintain bookkeeping and banking services, including accounts receivable and accounts payable, monthly homeowner statements and payments to vendors.
- Provide direct deposit availability for unit owners, with online payment available soon
- Provide delinquency notification, monitoring and collections, and maintain collection records. Assist attorneys with lien or court actions. Represent the association in small claims court to collect assessments or obtain judgments against accounts as allowed and defined the association by-laws. (Attorney fees for appeals and district court are additional.)
- Supervise competitive bidding and contract processes and advise the Board regarding vendor selection. Locate affordable vendors to keep your costs down and continually review all service contracts for competitive pricing and level of service.
- Establish and manage contracts for annual association audits and provide annual federal and state tax information to the tax accountant
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Thrifty Management, LLC
P.O.Box 117
Prior Lake, MN 55372
952-447-2168
Fax - 952-447-7256
Info@thriftymanagement.net
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