FINANCIAL SERVICES

The importance of responsible community association financial management cannot be overstated. The majority of the Boards of Directors we serve are each responsible for millions of dollars worth of real estate assets and hundreds of thousands of dollars in annual operating funds. Even the most seemingly insignificant miscalculation or oversight can have a dramatic impact on home values and families within your community. At Trestle Management Group we pride ourselves on having the most talented and experienced Financial Services team in the market, including membership in the American Institution of Certified Public Accountants and the Arizona Society of Certified Public Accountants.

Management of Operating Checking Account and Reserve Fund Savings Account

• Accounts shall be under the Association’s name and not commingled with funds of any other party, including Trestle Management Group
• Additional reserve funds invested in other accounts or investment vehicles shall be under the sole control of the Association and not accessible by Trestle Management Group

Management of Accounts Payable

• Statements of account mailed to each homeowner prior to each assessment period or upon their purchase of a home within the Association
• Maintain vendor files containing invoices and corresponding payment information
• Maintain vendor W-9’s and certificates of Insurance
• Issue 1099 Forms to Association vendors annually

Management of Accounts Receivable

• Coupon books mailed to each homeowner prior to the beginning of each fiscal year or upon their purchase of a home within the Association
• Receive and process homeowner assessment payments and deposit into Association’s Operating Account
• Maintain individual homeowner accounts detailing assessment billings, other charges, adjustments, and payments received
• Respond to homeowner account inquiries by the end of the next business day

Management of Homeowner Delinquencies

• If not already in place, shall work with the Association to draft a Collection Resolution establishing and detailing a fair, yet aggressive, procedure toward the timely collection of past due assessments
• Monthly review of individual homeowner accounts, draft and distribute any applicable “Late Letters”, and charging of any applicable Late Fees
• Prepare and forward account information to Association’s collection attorney (upon Board approval) to assist in further collection or litigation activity
• Provide Board of Directors current Homeowner Delinquency Report and copies of Late Letters processed each month

Investments

• If not already in place, shall work with the Association to draft an Investment Policy establishing guidelines toward the safe investment of Association’s Reserve Funds
• In conjunction with investment professionals (if needed), shall provide support and counsel with money market accounts, certificates of deposit, treasury bills, or other safe investment vehicles
• Upon receipt of investment account statements, shall update Association’s financial reports to reflect current balances in order to provide a more comprehensive representation of Association’s financial position

Financial Reports

• Prepare and distribute monthly financial statements to the Board of Directors, no later than the 10th of each month, which include:
  • Manager’s Financial Narrative Report
  • Balance Sheet
  • Income and Expense Statement (P & L)
  • Homeowner Delinquency Report
  • Monthly Cash Disbursement Summary
• At the end of each fiscal year, prepare Association’s General Ledger, detailing entire fiscal year’s financial activity

Annual Tax Filing and Audit or Compilation

• Prior to the end of the fiscal year, assist the Board of Directors in the selection of a Certified Public Accountant to perform Tax Filing and Audit or Compilation
• At the end of each fiscal year, coordinate with Board’s selected CPA by preparing all the Association’s financial records, books, and files for their review

Annual Budget Development

• Initial draft of annual budget shall be prepared approximately 90 days prior to the beginning of each fiscal year
• Upon the Board’s approval of the annual budget, the budget and budget ratification meeting notice shall be mailed to the general membership for ratification according to State Statute and the Association’s Governing Documents