We pride ourselves on providing the best financial services in the property management industry. Our accounting department structure provides proper segregation of duties and strong internal control procedures and is headed by an in-house CPA.

Financial Training

Our staff accountants are specifically trained to understand the unique needs of homeowner associations and the appropriate accounting methods to support them. In addition, we offer financial training seminars, ranging from the ABCs of accounting principles to advanced financial seminars, to board members and committee members.

Monthly Financial Package

PCM will provide your association with a monthly financial statement prepared on the accrual basis of accounting that includes:

Balance sheet and income statement. The income statement compares the month and year-to-date actuals to budget.
Schedule of cash, detailing all association bank accounts and investments.
Check register, detailing the check date, check number, payee, general ledger account number, and a brief description of the service.
Bank reconciliations and bank statements.
Schedule of assessments receivable, which details all owners with a balance or prepayment on their account.
Schedule of year-to-date reserve activity, detailing contributions and expenditures.
Schedule of year-to-date litigation or reconstruction activity, detailing income and expenditures, if applicable.
Schedule of accounts payable.

Accounts Receivable

Our accounts receivable staff will follow the association’s delinquency policy in regard to the mailing of the late letters, pre-lien letters, and lien filings and interfacing with the association’s collection attorney when appropriate. We will also provide the board of directors and manager with a monthly delinquency report. Standard accounts receivable activities include:

Monthly homeowner billing statements, e-statements, or coupon books.
Process daily cash receipts, both in-house and lockbox, and monthly ACH direct debit program.
Billing department response to billing inquiries and correspondence.
Administer board-approved collection policy for delinquent homeowners.
Provide a monthly delinquency report, detailing each delinquent account and the current status.
Administer fines and violations as approved by the board.
Process escrow demands and changes of ownership.
Assist the association’s collection attorney through various stages of collection on delinquent accounts.
Monitor to ensure that monthly status reports are received from the association’s collection attorney on all delinquent accounts.

Accounts Payable

The accounts payable staff is responsible for processing the association bills weekly and has been trained to process only original invoices, which are properly detailed and approved. Standard accounts payable activities include:

Review all invoices for proper approval and coding.
Pay all approved association invoices on a weekly basis.
File annual 1099s for all independent contractors.
Report, as required by law, to the Employment Development Department all independent contractors who are paid more than $600.00.
Monitor appropriate vendor insurance coverage and contractor licenses.
Monitor and process any garnishments.

Budget Management

Your manager, with our accounting staff, can review the specific activities required by your community and recommend a realistic and balanced budget.

Banking

PCM offers a full range of standard banking activities that include:

Monthly bank reconciliations for all cash accounts.
Facilitating the opening and closing of investments and rollovers as approved by the board.
Daily deposits.
Electronic communication with the bank for all homeowner payments.

California Association of Community Managers