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Business/Financial Management

businessSpot-On Management Services LLC recognizes the importance of strict financial controls for safeguarding your investments. As your management company, Spot-On Management Services will provide your association with comprehensive financial management services. Our company’s true accrual accounting system and financial reports provide concise, understandable financial statements that are accurate and timely. We are fully computerized, which results in accurate payments to vendors and collections of assessment payments and can assist with sound recommendations for investment of reserve funds. We will provide the following scope of business/financial services:

Financial Reporting

Produce and distribute detailed accrual/cash basis monthly financial reports, designed to be easily read and understood by those not generally accustomed to working with such reports that will include:

  • Bank statements and reconciliation
  • General Ledger
  • Balance Sheet
  • Comparative Revenue and Expense Statement
  • Net Income Statement
  • List of all Deposits
  • List of all Checks with invoices paid
  • Aging Report for Receivables (30,60,90 days)
  • Accounts Receivables
  • Payable Invoices
  • Credit notes for Receivables and Payables
  • Reserve Fund distinct accounting entity
  • Budget Report showing breakdown the annual amount over the
  • Assist with institution and implementation of a capital Reserve study to periodically update your capital reserve requirements
  • Provide community CPA with information necessary to perform the annual audits and prepare the tax returns
  • Provide monthly delinquency report

Collections and Delinquency Processing

  • Prepare and distribute payment envelopes/coupons to all current and new owners
  • Administer lockbox & debit services
  • Collect Association ‘s assessments payments
  • Make Deposit of general, special, and other assessments
  • Record daily receipts into separate accounts for each Association
  • Assist in development and administration of delinquency collection procedure
  • Legal liaison and work closely with Association’s attorney on financial matters
  • Send delinquency notices and make necessary efforts to collect delinquent account assessments (in accordance with HOA governing Collection Policy)

Budgeting/Cash Management

  • Assist in preparation and distribution of Annual operating budget including replacement reserves
  • Process and promptly pay Association accounts payables as they become due and approved by Board
  • Provide Board members a listing of checks ready for disbursement
  • Prepare and assist in preparing a Draft Annual Budget for Operations, including a review of the reserve-funding schedule
  • Assist in development and implementation of a solid investment program for the Association’s capital reserves
  • Maintain individual HOA account records and post payments
  • Respond to inquiries regarding account status, fees, and related financial matters
  • Assist in establishment of checking and reserve bank accounts
  • Ensure that all reserves and investment programs are properly administered and monitored in accordance with Board’s policy

Spot On Management - All Rights Reserved
10665 Stanhaven Place, Suite 102
White Plains, MD 20695