If you are a member of the Board of Directors of your Association or Corporation, you already know how important comprehensive and timely financial statements are to your oversite as a member of the Board.
Most buildings that become unhappy with their property management firm report that the lack of a timely, easy to understand and complete monthly financial statement is a driving reason to seek new management.
All financial statements should clearly report the current balances in Association reserve accounts, how the building is performing against budget, all accounts payable, all accounts receivable and should be available to Board members well prior to the end of the following month reporting.
If you worry about understanding the information provided you as a Board member in the reports that you receive, it may be time to explore other management options. Further, all members of the Board should have real time access, 24/7, to this information through your management firm's accounting portal.
Your financial statements should also be reviewed by a CPA. Your fiduciary responsibility as a member of your Board should dictate the quality of your monthly financial statements. Having Directors and Officers insurance is not protection from bad accounting management.
You can find out why Prairie Shores Management offers the finest accounting services to all their clients by calling our office at 773-878-3300.