HOA Management

Financial Management Services

  • Our Financial Only Package is popular among communities that have an active Board of Directors who seek professional management of association finances. This alternative package is a great choice for communities that wish to “self-manage” the more local aspects of their community such as lawn care and other contract/vendor negotiation and administration, maintenance and repairs and CC&R enforcement. The following is the minimum service you can expect to receive when choosing the Financial Management package:

    • Collect dues, fees and assessments in the name of the Association and deposit all funds into a secured custodial FDIC insured account
    • Review all invoices before payment for accuracy, pay invoices when due, and take any allowable discounts. Act upon, with the approval of the Board of Directors, any areas where cost cutting can be achieved
    • Furnish to the Board of Directors a monthly income and expense report complete with an itemized list of disbursements, operating account balances and a list of delinquent homeowners
    • Review delinquent owners each month and take whatever action possible to remedy those delinquencies
    • Advise the Board of Directors of any legal action we should take to collect funds due the Association and the appropriate way to take such action
    • Assist the Treasurer in the preparation of the annual budget, along with a line item explanation when needed for approval by the Board of Directors
    • Assist in the preparation of long range planning for budgeting necessary reserves with the ultimate goal being avoiding Special Assessments
    • When requested, share relevant vendor list of preferred contractors or service providers
    • Prepare year-end financial statements and provide them to your accountant for annual tax preparation
    • Make a Norton representative available, at an hourly rate, to attend meetings or consult in an advisory capacity for matters that are not included in this service package