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Financial & Accounting Management Services

Paradise & Associates knows that second only to your home the security of your funds is of paramount importance. That is why we are one of the few management companies that is licensed, bonded, and insured. Our fiduciary responsibility is providing you with the most accurate and concise financial information to ensure that your association always runs smoothly. Below is a snapshot of some of the accounting functions that we offer. If you have don't see a service listed, just ask. We're here for you and we are always happy to answer your questions.

Bank Accounts. Paradise & Associates will operate all bank accounts in the Association's name. No funds are ever co-mingled with any other association. This includes the operating/checking account, savings accounts, reserve funds and any other funds that the association owns. All accounts will be reconciled the month following receipt.

Assessment Collection. Paradise & Associates will provide monthly coupons to all homeowners, arrange for automatic payment, upon request, allowing homeowners to pay assessments through the automatic debiting of funds from their designated bank accounts, and deposit funds received into the Association's operating account on a daily basis. Paradise will also collect any other monies owed to the Association, including late fees, legal fees, parking fees, laundry fees, etc.

Accounts Receivable. Paradise & Associates will track assessment payments on a consistent and timely basis, initiate collection proceedings as required - to include late notices and fees, negotiate payment schedules with delinquent homeowners, and initiate/coordinate the lien foreclosure process as indicated in your association's documents. Paradise & Associates has a proven track record of low delinquencies and high recovery of accounts receivable. But don't take our word for it, ask our clients.

Accounts Payable. Paradise & Associates will scrutinize all invoices prior to payment to ensure accuracy and then make all authorized payments and distributions. These payments will include all standard monthly contracts, maintenance and repair work, utilities, and reserve requirements. Paradise will keep a detailed listing of all payables and check register for review by the Board of Directors at any time.

Payroll (if applicable). When necessary, Paradise & Associates will recruit, hire and train, review, and dismiss when necessary all site staff required for the association over and above management staff. Time cards, payroll checks, government related payroll reports and taxes will be maintained by Paradise with the Associations authorization.

Financial Reports. Paradise & Associates will prepare and provide, on a monthly basis, complete financial reports to the Board of Directors including a balance sheet, income and expense summary, general ledger, cash reconciliation, and aged accounts receivable. In addition, a Paradise representative will be available to answer questions and explain these sometimes complex and confusing reports.

Budget. Paradise & Associates will work with the Association in the preparation of an annual budget. Paradise will offer recommendations on assessment structure and advise the Board on the most prudent approach for the upcoming fiscal period. Once approved by the Board of Directors Paradise will distribute the budget and all ancillary documents to the membership through its communication channels.

Reserve Schedule & Long Range Plan. Paradise & Associates will monitor the Associations reserve schedule and long range plan. If one is not in place Paradise will provide engineering referrals for a long-range replacement reserve schedule and financial plan. Once a plan is completed Paradise will review it annually and determine and advise the Board when the plan should be updated.

Audit, Review & Tax Preparation. Paradise & Associates will coordinate year-end financial tax return preparation by the association's chosen independent certified public accountant to ensure timely filing of the appropriate State and Federal requirements.

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