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| Accounting
Services |
First Choice Association
Management offers complete financial services, including
but not limited to, assistance with budget preparation,
reserve analysis, utilization of an automated lockbox
system, preparation of monthly financial statements,
special assessment processing, delinquent collections,
and bill processing. Our
Accounting Department is available to answer any
accounting questions that may arise-whether or not
the property manager is in the office or not!
FCAM utilizes
state-of-the art industry software to produce clear and
concise financial statements. The
monthly financial package contains:
- Balance Sheet
- Income/Expense Statement
- Reserve Analysis
- Pre-Paid Report
- Delinquency Report
- Check Register
- Complete General Ledger
- Bank Reconciliation
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One
of the most important responsibilities of the Association
is to adopt an annual budget. It
is critical that it be an accurate forecast of income
and expenses for the coming year. FCAM obtains
proposed increases in utilities, vendor contracts,
insurance premiums, etc., prepares a proposed budget
using several years of actual expenditures, and conducts
a budget workshop with the Board the Directors. Based
on this process, the Board adopts a budget that is
presented to the unit owners.
Maintenance
fee collection is made easy with the automated lockbox
system and direct debit. Sending
a bank-generated coupon along with their check, unit
owners' maintenance fees are directly deposited into
the Association's bank accounts on their behalf, without
delay. Maintenance
fees can also be electronically debited from unit owners'
accounts directly into the Association's bank account.
Our Accounting Department
prides itself on its integrity, accuracy and efficiency. Bills are properly coded and paid on time. Changing
financial climates warrant that Associations have
top-notch financial services at their disposal. FCAM's Accounting
Department fulfills that role. For
further information about FCAM's accounting
services, contact them at fcam@firstchoiceassociation.com |
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