FINANCIAL TRANSPARENCY IS OUR COMMITMENT

​Its is safe to say that most management companies that provide financial services to their clients are in fact providing accurate reports.  However, there is more to a report than what is on the document. Proper accounting should be blanketed in a layer of fiscal management and judgment. In other-words, what behind the numbers is more important than the numbers themselves.
All associates have access to our in-house accounting system. Each month, our clients receive a financial package that includes:
  • Independent accounts report
  • Balance Sheet
  • Monthly and YTD cash flow and budget comparison
  • Unit owner arrears reports
  • Detailed check register
  • Detailed deposit register
  • Monthly bank reconciliation report
  • Copies of bank statements 
These reports are not merely packaged and delivered. They are reviewed and analyzed for logic. For example: we do not process and disburse funds to pay for a vendor invoice simply because an invoice was received. At MMS, each invoice is reviewed for validity, accuracy, and rational. If a vendor passes these 3 gating factors, it is then entered into our system and processed.  Bottom line, its not about the numbers just adding up. Its about ensuring that the numbers behind the numbers are accurate and rational. It is all about JUDGMENT!

Accounting Functions

  • Open bank operating and reserve accounts "in the Association Name"
  • Send monthly assessment statements (Common Charges) to all unit owners.
  • Collect and deposit all common charges into the clients accounts. .
  • Keep records of dues paid and delinquent accounts and provide details via that accounts receivable report function.
  • Act promptly on all delinquent accounts, in accordance with By-Laws and the boards instructions. 
  • When authorized by the board, we will turn all delinquent accounts over to the attorney representing our client.
  • Prompt payment of all Association bills after they pass our review process. .
  • Provide financial packages to all Board members, including Balance Sheet, Profit & Loss Budget Comparison, Deposit Register, Check Register, Bank Reconciliation, and Aged Receivables Report.
  • Assist Board in development of annual budgets and Long Range Plan.
  • Assist your auditing firm with the timely preparation of audit and submission of reports and forms to governmental agencies, including quarterly and annual Federal and State Tax Returns for employees, annual 1099s for vendors, and non-profit tax exempt forms for the Association.
  • Coordinate with third party providers to maintain payroll records.
  • Assist you in establishing and maintaining reserve accounts for future maintenance and replacement, at the optimum rates and terms.
  • Bonded
 
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