A critical function of any Association's Board of Directors is managing the finances.
As the community management company hired by the Board, one of our roles is to help you with those finances. Each month you will be sent a set of financial reports from CAMS showing the financial activity for your association.
The Financial Report Package includes the following Reports:
The Balance Sheet is a summary of the Association’s assets, liabilities, and fund balances at a specific point in time. The purpose of a Balance Sheet is to show the financial position of the Association on a specific date.
The Statement of Income and Expenses provides information on the Association’s income and expenses over a period of time (month, year-to-date) and compares the income and expenses to the budget for the same period.
The General Ledger contains the beginning balance and all the financial transactions of the Association during the period.
The Bank Reconciliation reconciles the balance in the Association’s bank account with the balance shown in the Association’s financial statements. All outstanding checks, deposit, interest, and charges are reflected.
The Cash Disbursement Report (check register) is a listing, in numerical order, of all checks issued during the period.
Accounts Payable are liabilities incurred during the period which have not yet been paid.
Accounts Receivable are assessments and other charges billed to owners that have not yet been received by the Association. Details of the accounts receivable can be obtained from the Aged Analysis Report.
Prepaid Assessments are assessments received during the current financial period for a future period. This will generally be found in associations having monthly assessments, e.g. assessments received at the end of September which are only due on October 1.
This displays all the revenues received for the Association for any given period.
This is a copy of the Association’s bank statement.
Most Neighbors maintain that the biggest benefit of their association is preserving the value and integrity of their individual investment. learn more >
Since opening our doors in 1991, CAMS has been an industry leader in community association management. CAMS is an AAMC, Accredited Association Management Company, which ensures your HOA that our team has the experience, knowledge and specific industry expertise needed to provide the highest level of service and trusted guidance to your community. Our community management team is made up of local experts available in each of the areas we serve throughout North and South Carolina.
Regional Office Locations: Wilmington, NC - Southport, NC - Morehead City, NC - Charlotte, NC - Raleigh, NC - Myrtle Beach, SC - Columbia, SC - Charleston, SC - Greenville, SC
877-672-2267
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