Scott Property Services

Financial Services

SPS

FINANCIAL SERVICES


 

  • Oversee payment for community association services and assist the association’s treasurer as required.
  • Deposit all funds received by the association and make deposits to the appropriate bank accounts during normal banking hours.
  • Disburse funds, as provided by the board, from appropriate bank accounts to pay for services, supplies, taxes, insurance, approved contracts, and other disbursements as appropriate.
  • Invoices will be coded with appropriate accounting numbers.
  • Financial records will be kept in accordance with generally accepted principles GAAP, suitable for CPA audits as required by Florida Statute.
  • Accounting journals, daily cash reports, and other related records will be kept current and be used as the daily financial control mechanism.
  • Journals will be used to post daily cash receipts and disbursements and be reconciled monthly as the monthly bank statements are received. 
  • The Manager will be responsible for generating a monthly financial statement.  The format is to be determined and changed, if deemed necessary, by the Board.  The Manager will keep the records in a manner that will be suitable for CPA audit and meet the criteria required to interface with all financial accounting records. 
  • Annual budget preparation with the board or designee which includes projections based on previous history, projected rate increases and confirmed rate increases for the following fiscal year.
  • Proper notice and adoption procedures for the annual budget meeting.
  • Establishing and maintaining mandatory reserves and schedules for funding annual reserves.
  • Coordination and providing of all accounting needs necessary for the annual audit with the accounting firm established and paid for by the association.
  • Annual payments of DBPR fees and any taxes/permits required by the State of Florida.