Financial Management
West Property Management President Jeff Westendorf holds an accounting degree with experience in public accounting, banking and the insurance industry. We understand that in today's environment non-profit Boards and Owners demand strong internal controls over all financial matters. We will work with you to develop proper procedures to safeguard your community's financial assets.Our Experience
* Significantly reduced operating costs, while improving the property's physical condition
* Dealt with foreclosure and bankruptcy by unit owners
* Collection of past dues in excess of $10,000
* Lawsuit mediation and settlement
* Growing Reserve Fund from $10,000 to over $80,000 in 2 years time
Other key financial services included in our standard fee are:
Monthly
* Customized monthly financial statements and reports as requested by the Board of Directors.
* Collection of dues and other assessments.
* Make regular timely bank deposits in accounts ONLY in the name of your Association.
* ACH service for automatic payment of dues and other assessments.
* Review of all invoices and preparation of all checks and disbursements.
* Provide copies of all bank statements and bank reconciliations to the Board.
* Train & advise the Treasurer and Board Officers to assist them in fulfilling their duties as it relates to financial matters.
* Assist the Treasurer in communicating to all community members the current financial condition and income statement activity.
Annually
* Annual budget preparation with written explanations for all budget items.
* Education of annual budget to all owners at Owners' Annual Meeting and Forums.
* Customized monthly payment coupons to any Owner that wishes to pay by check.
* Statements provided to all owners via email or US Mail (at least annually and on request).
* Work with the Association's tax accountant and/or auditors.
* Ensure timely completion of all IRS filings, including tax returns & 1099's.
Long-Term
* Lead the Board through the Reserve Study process to determine long-term capital replacement needs and methods of funding.
* Lead the Board in developing long-range financial plans and developing a robust Investment Policy for the Board and Community.
Click on Testimonials to learn more about our success in exceeding client financial management expections!
Contact Us for a free initial review of your Association's financial statements and annual budget or to submit a Request for Proposal for management services.
We are ready to serve your Association!