Homeowners Association Monthly Financial Reports
The financials you have may vary, but here are some common reports, their purpose and how to read them.
Use this report as a general overview to help explain to homeowners how much money the association has. This report is also an overview of how much money the association has, how much homeowners owe in dues and how many checks are out and have not cleared.
Use this report for budgeting throughout the year, and to help with future financial planning. This report outlines the categories and how much the association has spent in each. For example, one category typically is landscape repairs. You can tell how much you spent in the last month in landscape repairs, how much you spent year to date, and how much you budgeted. You will be able to tell if you have underspent saving the association money, or if you have overspent.
Use to check for accuracy and integrity. With modern software and checks and balance systems, you should very rarely if ever see a mistake, if you do, make sure to point it out to your manager ASAP. Keep in mind this report is in cash basis and might not line up exactly with your budget comparison report that is done in accrual accounting.
Aged Receivable Report
This report is to see how much owners are behind in assessments. If owners are behind, make sure the board is voting to proceed with the collection process.
This report will show what has cleared the bank and what has not cleared the bank. It is used to make sure you accounting and your bank statement match.
The bank statement is the records of all credits and debts that have occured during a given time period.