Kane Property Management Corp. shall:
- Assist in opening an Operating and Reserve Account, BOTH at the highest available interest rate.
- Maintain account ledgers and history for each homeowner.
- 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.
- Printing and mailing of coupon payment booklets or statements to all unit owners.
- Prepare and submit to the Board, a proposed annual operating and reserve budget and assist in the preparation and dissemination of the final budget.
- Perform ongoing budget analysis and continually monitor cost trends in the area to avail the Association of the most economical operational practices.
- Maintain a computerized corporate ledger which includes all receipt and disbursement information which shall be available for inspection by the Board upon request.
- Prepare the annual financial report and disseminate to each Homeowner at the discretion of the board and expense of the Association.
- Prepare any additional financial reports requested by the Board.
- Review billing for accuracy in costs and goods received, making out checks for approved invoices and payroll (if there are employees).
- In connection with Association employees, prepare all payroll tax reports and disburse payment of same. Maintain an employee file.
- Maintain a check register and payable journal while performing regular bank reconciliations.
- 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.
- Maintain a comprehensive 'bills-paid' file that shall be open to inspection by the Board at any time.
- Provide the Board of Directors with monthly statements of delinquent accounts.
- Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
- Assist and cooperate with any outside auditing firm that may be retained by the Board.
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