Accounting Services for Community Associations in Maryland
Many neighborhoods today operate under the guidelines of a homeowners or condo owners association. If you serve on the Board of Directors for your community’s association, you are playing an important role in shaping your neighborhood and preserving its assets. You might also realize that being a board member comes with a lot of responsibilities. If you need help getting everything done in accordance with applicable laws and regulations, turn to Tidewater Property Management. We provide many valuable services for community associations, including accounting services. Are you looking for help managing the day-to-day financial affairs of your HOA? If so, please call Tidewater Property Management at (443) 548-0191(443) 548-0191. We manage community associations in Maryland and Virginia.
Our Accounting Services for Community Associations
If your skills don’t lie in accounting, let us manage every aspect of your HOA’s finances so you can focus on other responsibilities. Here are the services we provide:
- Collect association funds: We’ll take care of collecting payments from community members, including insurance, late charges, rule violation fines, deposits, reimbursements from the sale of goods and services, interest income, and more.
- Assist in collecting delinquent assessments: The board should have policies in place for issuing notices of arrearage, levying late charges, and enforcing individual payment plans. We’ll assist in these collections in accordance with the board’s policies. We’ll also refer delinquent accounts to legal counsel.
- Maintain association accounts: Let us help manage the association’s bank accounts. We’ll deposit funds, manage minimum and maximum balances for the operating account, recommend investment options for the reserve account, and maintain detailed records of all operating and reserve account funds.
- Process association payables: Your association owes payments to staff members, vendors, contractors, and other service providers. We’ll process recurring bills, one-time payments, and payroll on your behalf. We also verify all invoices and the actual receipt of goods and services before finalizing payments.
- Maintain financial records and reports: Our job is to ensure you always know where your accounts stand. We’ll furnish monthly reports summarizing income and expenses, invoices, and account balances.
- Assist in preparing annual budgets and tax returns: Toward the end of each budget year, we’ll present you with a proposed budget for the following year. We’ll also provide support and documentation needed to prepare financial statements and state and federal tax returns.
- Prepare and distribute account statements: We’ll provide individual unit account statements on a monthly, quarterly, or annual basis in accordance with your board’s policies. We also distribute statements of account as needed.
Why Choose Tidewater Property Management for Accounting Services?
After over 25 years as a property management company, the team at Tidewater has mastered the art of managing community associations. Why choose anyone less than the best to handle your association’s accounting needs? With our services, you’ll always know where your community stands financially. We strive to take burdensome responsibilities off your shoulders with these and other services so you can feel confident in your position on the Board of Directors.
Accounting Services for Community Associations in MD & VA
Tidewater Property Management is capable of tailoring our services to meet your specific needs. If there’s a service listed above that you don’t need, or you require help with something that isn’t listed, we’ll do everything we can to accommodate your situation. To benefit from our knowledgeable team, choose Tidewater for your HOA’s accounting and financial needs. Contact us today to learn more about how we can serve you.