Colorado Property Management Services sends coupons annually to the Association. Owners can sign-up for direct payment of assessments using an electronic payment plan.
These reports included with the monthly Board packets can be found with the financials. Updated reports are given in those packets, and accounts needing action or high priority follow-up are highlighted for top of mind awareness. Our collection’s process flags us to generate past due letters automatically and track items as they become delinquent for follow-up. Association deposits are made regularly and our in-house computer system is updated at that time with these transactions. Our staff will be available to respond to owner questions, send welcome letters to new owners, provide escrow information, and oversee collections.
Colorado Property Managements Services provides the Association with financial reports prepared on a standard chart of accounts containing information on receipts, disbursements, reserve allocations, assets and reserves.
Separate Bank accounts are maintained for the Operating and Reserve accounts for each association client. Colorado Property Management Services currently places operating funds in a checking account at a bank of your choice. We endeavour to establish the Associations reserve accounts at financial institutions providing consistently competitive interests rates and will obtain expressed written permission from the Board of Directors prior to any and all potential changes.
We prepare checks monthly to pay Association bills. This insures that invoices are kept current. Prior to check printing, Colorado Property Management Services will inspect each payment by comparison to the actual invoice, statement, agreement, and purchase order as an effort to assure efficient cash management at all times.
Assist in Audit & Income Tax Preparation:
Since most associations require an annual audit, Colorado Property Management Services provides access to all records to your auditor saving on audit costs.
We recognize proper budget preparation is vital to collecting and determining the proper assessment fees in order to operate each association, Colorado Property Management Services prepares draft budgets based on history of expenses and works with the Board of Directors to find ways to save money to keep assessments to a minimum.