Westcom Property Services Finacials

We Provide The Following Services

Monthly Billing:

  • Distribute computerized monthly billings to each homeowner. Itemize current monthly dues, prior balances, late fees, special assessments, fines and other charges.
  • Collect, deposit and account for miscellaneous income (i.e., laundry, clubhouse rental fees, keys, etc.).
  • Maintain accurate records of receipts and expenses.
  • Offer Homeowners option to pay by automatic bank deduction.

Financial Statements:
Prepared on the Accural basis and include:

  • A.  Balance Sheet.
  • B.  Income and expense statement showing monthly and year-to-date amounts compared to budget with variances.
  • C.  Check Register.
  • D.  Listing of unpaid invoices.
  • E.  Status report of monthly maintenance fee income (Accounts receivable).
  • F.  General Ledger.
  • G.  Reconciled monthly bank statement.

Cash Management:

  • Assist in establishing the annual budget, and required independent Reserve Study.
  • Promptly pay Association's payables twice per month.
  • Provide for individual checking and savings accounts for each property, with dual Board signatures, or one Board plus management company signatures as per Board's preference.
  • Follow through with collection of any outstanding monies owed to the Association. This includes the filing of NOD'S and liens as provided in the CC&R's in accordance with the Association's delinquency policy.