Financial Management

HomeRiver Group® Miami handles all aspects of association financial management. From accounts receivable and payable to budgeting, we ensure your finances are properly managed, so you don’t have to.

Our association financial management services include the following areas:

Accounts Receivable:

• Maintain and update homeowner master list
• Complete Association questionnaires/certifications and closing letters
• Create and mail invoices
• Receive, record and deposit funds
• Delinquency follow-up
• Create and send monthly or quarterly statements for accounts with outstanding balances
• Apply late fees and interest charges
• Send “file/lien/collection” requests to association’s attorney
• Court Appearances
• Establish budget & chart of accounts for association
• Input all revenue & expenses in accounting system and report monthly
• Produce monthly financial reports, including:
  • Income statement (Budget vs. Actual year-to-date)
  • Balance sheet
  • Check register
  • Homeowner delinquency report
• Reconcile bank statements monthly
• Prepare tax return information for outside accountant (CPA)

Accounts Payable:

• Receive, review, and ensure timely payments of vendor invoices
• Attach check stub with invoices, statements or receipts
• Online invoice approval available for board members with community website
• Encrypted digital signature for checks

Budgeting:

• Develop proposed budget based on previous year
• Produce working budget documents for board of directors
• Produce consolidated budget for board review and approval
• Provide budget increase and decrease recommendations

Reserve Analysis:

• Assist engineering firm or reserve specialist to conduct reserve study

Management Company Expenditures:

• Provide monthly detail of all management company expenses
• Provide detailed monthly invoice for services