FINANCIAL RESOURCES
SAMPLE Financial RePORTS
One of the most important functions of all community board of directors is managing the community's finances. As your community management company, one of our many roles it to assist community boards with financial management. Every month, the board of directors is presented with a financial reporting package showing the financial performance of your association.
The financial reporting packages include these reports:
Balance Sheet
The Balance Sheet shows the financial position of your community at a specific point in time. It reports your community’s assets, liabilities and fund balances.
Income Statement
The Income Statement shows the community’s profit and loss over a period of time – current month, year to date, over/(under) budget. The profit or loss is determined by taking all the revenues and subtracting all expenses.
Delinquent & Prepaid Report
The Delinquent & Prepaid Report shows all the charges billed to owners that have not yet been paid, and that have prepaid their assessment.
AP Aging Report
The AP Aging Report details the liabilities incurred during a certain period of time which have not been paid by the community.
Bank Account Reconciliation
The Bank Reconciliation compares the cash balance on a company’s balance sheet to the corresponding amount on the bank statement(s).
Bank Statements
Bank Statements provide a listing of the balances and transactions in specific accounts during a period of time.
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