Financial Services
Spectrum Property Services maintains your financial data in simple, easy-to-read formats providing you with an illustration of the Association’s cash position, income, expense and reserve detail. If desired, Spectrum can provide financial-only management services.
Budget
Spectrum will work with the Board to prepare and manage an approved annual budget that best meets your needs and prudently uses association funds. In the draft budget preparation, we will provide the Board with options, where applicable, and comparative costs.
Balance, Revenue & Expenses:
A balance sheet and revenue and expense statements will be prepared for you monthly, comparing the month and year-to-date figures. Balance sheet reports are provided on an accrual basis and presented using fund accounting.
Banking Services:
Separate bank accounts for your association will be established. Spectrum will provide monthly schedules of monies invested in savings, certificates of deposit, treasury bills, and/or money market accounts. Our banking services also include the handling of all deposits and money market investments and reconciliations of all bank accounts.
Accounts Receivable & Collections
Spectrum will prepare and mail out a monthly billing statement to each homeowner for assessments and any other amounts owed. The Board will receive a monthly accounting for all accounts, explanations and a listing of all overdue homeowner accounts. Spectrum will prepare and file all pre-lien and lien notices on your behalf to protect the Association from loss of assessments.
Other Financial Services
Spectrum will coordinate the preparation of tax returns, financial audit or review by a Certified Public Accountant and other work as requested by the Board.
Other Services:
In an effort to tailor a program that best meets your financial and management needs, as contracted ,we can provide additional services such as construction defect assistance, researching bank loans and other financial options, as well as a full spectrum of special projects to meet the needs of your association.
Accounts Payable
All bills will be paid weekly through the Spectrum management office. We will prepare checks with accompanying documentation for Board approval and signature. The Board will receive monthly check registers.