Professional Accounting Services for HOA & CIC Associations – Twin Cities, MN

Every Homeowner’s Association or Common Interest Community (CIC) Board of Directors has an unchanging obligation to the members of the Association to oversee the complex and detailed fiscal responsibility to accurately account for the funds of the Association. In fact, State Statute requires that proper accounting procedures be used to track every member payment, vendor payment, insurance or service contract payments, and even that such payment comply with IRS reporting. For the majority of Associations, proper accounting practices means an accrual based system, which is essential in meeting those basic responsibilities. However, few Boards of Directors for HOA and CIC Associations also have member that have sufficient accounting skill needed comply with these requirements. In fact, most Boards contract with an Association Manager or Property Manager to handle accounting for the organization. This helps to ensure that proper procedures are followed, proper documentation is kept, and that no matter who is on the Board of Directors, there is an accountability chain that prevents error, fraud, or the loss of funds.

33rd Company® is well versed in the essential accounting requirements that every association needs. From complex accounting reserve studies, to the day-to-day management of an operating account, we can help you successfully manage your accounts. We can maintain and help you track Accounts Receivable (AR), Accounts Payable (AP), General Ledger Account management, Delinquency tracking, and Tax reporting. Your Association will greatly benefit from adding a talented Manager to your team. Our services include simple and easy to follow reports, monthly bank reconciliation registers, and real time BOD Portal account reporting so that your Board is always on top of every penny! As with our administrative management services, our accounting services take the heavy load off the shoulders of the HOA and CIC association Board of Directors, letting them focus on other community building initiatives. Our full range of accounting services provides complete, or accounting only services that can be custom tailored to meet the needs of your HOA/CIC. Our services include:

• Account Set-up & Maintenance

  We will set up custodial Trust Accounts thru Wells Fargo for the HOA Operating (Checking) and Reserve (Savings) accounts. We also provide view access to BOD members for these accounts, file a BOD signature card and perform monthly full bank reconciliations. Our relationship with Wells Fargo also provided discounted account services, and can include ACH/EFT processing, Account Fraud protection, as well as other payment and account services.

• Accounts Payable (AP) Management

  We will pay approved invoices in a timely manner, on behalf of the Board of Directors. Our payment process is customized to each HOA, and offers normal processing for items stipulated in the Annual approved operating budget, as well as BOD approval for items that exceed the BOD approved limits, or are improvements performed under the reserve account funds. We process checks in a timely manner, so as to preserve the BOD-Vendor relationship, and improve scheduling, cost, and support services from existing vendors. Financial Statements – Monthly financial statements for both the operating and reserve accounts will be provided promptly and accurately to the Board. We also provide a monthly reconciliation report that ties the software statement to the monthly Bank statement.

• Collection of Dues and Assessments

  We will manage the collection of regular dues, member’s assessment fees, or other fees or delinquencies from owners as a trusted third party. We can offer a variety of payment options including ACH/EFT autopay, Check/Money Order, Credit Card, or other available means.

• Collections / Delinquencies

  When required, we will escalate delinquencies appropriately to ensure that the Association has minimal financial impact. We use a proven collections process that is fair, and low cost, but also that offers a persistent avenue to eliminating delinquent accounts. Our Attorney support also can escalate delinquent accounts, and initiate Lien, Foreclosure, or Court Judgement actions that ensure that the delinquency is reconciled quickly and legally.

• Payroll & Tax Support

  If your Home Owner Association has onsite managers, we can handle all payroll and tax collection tasks for you. We also will help you obtain the proper insurance coverage for Unemployment, Workman’s Comp, General Liability coverage.

• Annual Budget / Reserve Study Preparation

  We can assist in preparation of your HOA or CIC annual budget, helping you assure that no elements are neglected and that all calculations are accurate. We also can help you create a comprehensive 30 year reserve study that shows inflation escalation of dues and expenses, allows you to plan for large capital improvements using planned dues increases instead of assessments or Association Loans. This long term reserve study is an interactive excel worksheet created by 33rd Company® to help Associations do “what-if” studies (i.e. what if we delay the roof project until year 5, and raise dues by 3% each year – would we need to do an assessment, or would we have enough money to cover this capital improvement).

  Audit & CPA Support – We will be happy to refer a third part independent auditor to assist in annual audits as requested by the BOD. We also can refer you to a CPA that can support this review, and complete the annual tax return that is required to be filed by registered non-profit Home Owners Associations.

• Financial Consultation

  The Board of Directors can count on our expert assistance and advice in any financial issue under consideration. We have helped Associations reconcile shortfalls, deferred maintenance, or general poor support from prior management companies to get them back on their feet! Our interactive reserve study tools will help you get your HOA back into the driver’s seat and manage issues before they become a problem or a liability.

Custom Financial & Accounting Services for Twin Cities Homeowner Associations

Each homeowners’ association is as unique as the individual;s that make up every association. From individual members, to Board members, we establish a unique relationship with all of the HOA stakeholders to add value and good communication at every turn. At our Twin Cities Minneapolis- St Paul HOA management company, we offer customized property management services that fit the exact needs of your HOA. Our experience in handling such accounting extends over many years and assures you of accuracy and dependability. Our software, On-line portals, custom reporting, self-service custom reports, and bank reconciliation reports are all EASY to read, and tie together to the penny. Our fees for these services to your HOA or CIC are competitive and depend on the list of custom services you select. We also offer an “accounting only” program for smaller HOA’s so you can get the rock solid financial support you need, while performing the other needs in your unique community. Whether you choose “accounting only” or Full service, you can be assured that your relationship with 33rd Company® will be an enduring one.