Property Management Services | Maintenance | Meetings | Insurance | Finances & Accounting
Finances & Accounting
Assessment Collection
We use a computer program, Quickbooks Pro, used by most accounting firms. This program allows for efficienct and accurate income tracking including interest income, late fees and penalties. Should a member become delinquent, Weaver Management will turn the account over to an attorney for collection.
Deposits
As payments are received and recorded, Quickbooks Pro will automatically add its receivables and prompt the user to deposit the funds of the Association.
Bill Payments
Quickbooks Pro offers the ability to maintain several bank accounts within one company program for your Association. Associations should maintain an operating account and at least one reserve account. Bills are always paid on time with a reminder feature built into the program.
Bank Reconciliation
As bank statements are received, reconciliations are fast and accurate with our computerized accounting system. Copies of bank statements are sent to the board treasurer each month along with financial reports.
Monthly Reports
This program also features easy to comprehend reports which are provided monthly to the board members. An annual report is also distributed to each member yearly.
Tax Returns
As a non-profit Corporation of the State of Illinois you are required by law to file a tax return each year. As part of our services, we will provide all necessary information to a Certified Public Accountant to prepare the return on behalf of the Association.
Reserve Funding
Illinois Condominium Law requires all Associations to provide adequate reserves for common area repairs and replacements. Weaver Management will evaluate your Association's reserves and current replacement and repair needs and future income required to fund the replacement of Association Common Elements.
Special Assessments
Should your Association require a special assessment, Weaver Management will provide the board with recommendations regarding special assessments or assist with securing bank loans, if necessary.
Budgets
Annual budget recommendations will be made to the Board of Directors prior to the beginning of each fiscal year. Proposed budgets will be mailed to all members prior to the meeting set for budget approval.
Property Management Services | Maintenance | Meetings | Insurance | Finances & Accounting