Community Association Finances

J & N Realty, Inc. accepts only those engagements which our managers can reasonably expect to perform with professional competence.

Our managers will act as fiduciaries on behalf of the Board of Directors in handling the association’s financial affairs and will put the association’s interest above the managers’ own.

  1. Bank Accounts

We establish and maintain in a bank approved by the Board, whose deposit is insured by the FDIC, a separate bank account in the name of the Association. Our staff will have the authority, with prior Board approval, to draw thereon for any payment to be made to discharge any liabilities or obligations incurred pursuant to our contract with the condo project or homeowners association.

  1. Assessment Collection

We collect all assessments, late fees, collection charges, and fines due from the members of the association. J & N Realty, Inc. will be authorized to request, demand, collect, and receive any charges and assessments which at any time become due to the association and to follow up on delinquent charges and assessments with timely notices. Our managers will, at the request of the Board, initiate legal proceedings required for the collection of delinquent charges and assessments against unit owners.

As a matter of standard industry practice, we furnish the Board with a summary of all delinquent accounts on a regular monthly basis.

  1. Cash Disbursements

We disburse regularly and punctually funds deposited in the Association’s accounts. Property managers will submit to the entire Board monthly an itemized statement of the Association’s expenditures.

We advise and, when authorized, endeavor to expend Association’s funds to achieve the greatest benefit for the homeowners association.

  1. Budget and Financial Management

We prepare an annual preliminary Pro Forma budget setting forth an itemized statement of the anticipated income and expenses for the forthcoming fiscal year, together with a recommended schedule for assessments.

We assist the Board in developing two and five-year narrative plans of operation. These plans will be outlined for budget construction and support for the Association to chart a course for future operations. Property managers will assess future operations and requirements for adequate reserve and operating funds to provide for equipment replacement and projected building deterioration.

  1. Filings

We prepare for execution and filing by the Association all forms, reports, and returns required by law regarding taxes now or hereafter imposed.

  1. Books and Records

We maintain a comprehensive system of office records, books, and accounts in a manner satisfactory to the Board and to such auditor as retained by the Association. These records will be subject to examination by the Board and by the members of the Association.

We make books and records available for inspection by the Board of Directors and Members of the Association in accordance with the governing documents and applicable law.

  1. Financial Management Requirements

We continually review receipts and expenditures and provide notice to the Board of actual or pending obligations that appear to represent an adverse trend relative to the adopted budget.

We do not commingle Association’s funds with any funds with the funds of other Associations.

J & N Realty, Inc. manages every property and condo property association proactively by anticipating problems and solving them well before they become apparent to the Board of Directors. Our formal training and vast knowledge in property and condo association management enable us to see developing and lurking problems that other managing agents might miss, consider unimportant, or just simply do not care about.

We endeavor to maintain a consistently high level of customer service and performance quality. High standard of customer service and professionalism are the qualities upon we have been building our business, and we do not intend to grow so big that we fail to fully promote and protect the interests of our greatest asset–YOU.

Our managers provide the Board of Directors with accurate, easy-to-understand, and complete financial statements promptly. Our financial statements are maintained using accrual accounting methods and with strict adherence to Generally Accepted Accounting Practices (GAAP) and industry standards.