‘From fee collection to disbursements, proper financial management of an association’s assets is critical to the stability of the community…’
The Select Group brings over two decades of professional experience in effective administration of all areas of financial management of community associations. Budget projections, establishing standard operating procedures and maintenance of proper records for annual audit and tax reports are but a few of the areas of expertise demanded to permit successful communication with both boards of directors and their designated accountant. Our data processing systems are state of the art, developed exclusively for community associations with extensive reporting capabilities.
From Virginia beach, The Select Group, Inc. offers its services to the entire Hampton Roads area.
An overview of the financial services offered by The Select Group:
- Determination of annual assessments in correlation to the projected budget.
- Customized financial statements submitted to the board of directors.
- Separate personnel to handle accounts receivable, accounts payable, general ledger and collections.
- Assistance in the preparation of long term schedules for replacement reserves.
- Collection of assessments, user fees and other receivables with necessary action on delinquencies.
- Assistance to the designated accountant for preparation of annual audit and tax preparation.
- Timely disbursements in accordance with established payment procedures.
- Coordinate the production of an Association assessment payment book and ensure proper distribution to each owner.
- Preparation and distribution of 1099s at year end in accordance with standards established by the Internal Revenue Service.
- Prepare, maintain, and disseminate association employee information including salary, taxes, benefits, and quarterly and annual reports as required by all applicable laws.
- Accrual accounting for improved analysis of financial standing and budget analysis.
- Preparation of fiscal budget, or assistance with fiscal year budget preparation.