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City of Chicago
Cook County Assessor
State of Illinois
ACCOUNTING

Kane Property Management Corp. shall:

  1. Assist in opening an Operating and Reserve Account,  BOTH at the highest available interest rate.
  2. Maintain account ledgers and history for each homeowner.
  3. Prepare and distribute a monthly accrued financial statement that includes an balance sheet, income statement, bank reconciliation report, check register report, accounts payable report, and delinquency report.
  4. Printing and mailing of coupon payment booklets or statements to all unit owners.
  5. Prepare and submit to the Board, a proposed annual operating and reserve budget and assist in the preparation and dissemination of the final budget.
  6. Perform ongoing budget analysis and continually monitor cost trends in the area to avail the Association of the most economical operational practices.
  7. Maintain a computerized corporate ledger which includes all receipt and disbursement information which shall be available for inspection by the Board upon request.
  8. Prepare the annual financial report and disseminate to each Homeowner at the discretion of the board and expense of the Association.
  9. Prepare any additional financial reports requested by the Board.
  10. Review billing for accuracy in costs and goods received, making out checks for approved invoices and payroll (if there are employees).
  11. In connection with Association employees, prepare all payroll tax reports and disburse payment of same. Maintain an employee file.
  12. Maintain a check register and payable journal while performing regular bank reconciliations.
  13. Upon request, provide individual Homeowners with the status of their own account and coordinate the solution of any discrepancies that may occur between the official record and a Homeowner's record.
  14. Maintain a comprehensive 'bills-paid' file that shall be open to inspection by the Board at any time.
  15. Provide the Board of Directors with monthly statements of delinquent accounts.
  16. Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
  17. Assist and cooperate with any outside auditing firm that may be retained by the Board.
 
 
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