Accounting/Collection Services

HOA Accounting and Financial Reporting

We understand that consistent and accurate financial reporting is required for board members to be comfortable with the financial status of their association. Customized Property Management utilizes a program called Condo Manager.  If was built for condominium associations by board members who understand the need for technology they understand.

Customized Property Management understands the Board’s interest in protecting association funds. Therefore, you can opt to code your invoices authorizing which invoices are to be paid, when they will be paid or you can authorize management to pay your bills in a seamless process.  This process begins with your community manager coding all invoices to the appropriate expense accounts, and scheduling check runs to ensure no interruption of service or delays from vendors.

Financial statements are provided to each board member no later than the 15th of the following month by email. These reports include your Balance sheet, Income & Expenses Statement, Receivables, Bank Statements for both your checking and investment accounts, and Bank Reconciliations and Check Register.  Through Condo Manager we have the ability to customize reports to the Board’s preferences.  

We support your Board of Directors with draft budgets delivered well in advance of approval deadlines to allow ample time to evaluate where costs must be controlled, spending parameters, and future planned projects. Additionally, our Accounting Department assists in providing records for required financial reviews and tax returns.  Accounting will also file your vendor 1099 forms as well as file your Michigan Annual Report.   

Customized Property Management reviews your bank balances to ensure you are invested in accounts that give you the best interest rates available.  We provide financial training for board members, including a review of how to read financial statements.

HOA Management Services, Billing, and Assessment Collection

Customized Property Management understands that annually collected dues are essential to an association’s financial stability. As such, we are diligent in collecting dues and budgeting expenses so all services can be paid for within the amount collected.

Our assessment collection allows homeowners to use Automatic Clearing House payments (ACH) and/or the ability to log into our website to make electronic check payments and credit card payments to secure our communities’ assessments are collected. 

We manage the association’s assessment and collection policy as aggressively as the board directs. This includes contacting the association’s attorney to process liens and the initiation of foreclosure, if so desired. The management report provided by Customized Property Management will give Board members a collection status and delinquency aging report.

We take great pride in our HOA accounting and collections services. If your community could benefit from better accounting and collections, contact our office at (586) 997-0820 or info@cpmsupport.com