Financial Stewardship
Touch pad and financial Graphs  (Elements of this image furnishe

Financial Reporting

Merit Management is dedicated to providing accurate and timely financial reports to your Association. Our degreed accountants do more than simply prepare your monthly financial statements; they become an active participant in the financial operation of your community. Financial statements are posted directly to the password protected board portal on the community website. Monthly financial statements are prepared on the accrual basis to provide the most representative picture of financial activity. Monthly financial report package includes:

  • Statement of Financial Position (Balance Sheet)
  • Statement of Activities (Income Statement)
  • Cash Flows Report
  • General Ledger (detailed)
  • Detailed Accounts Receivable Reports
    • Prepaid Owners Report
    • Accounts Receivable Report
    • Attorney Status Report
  • Disbursement Register (Check Register)
  • Aged Open Items Report (Accounts Payable Report)
  • Bank Reconciliations
  • Bank Statements

Merit Management provides Board of Directors with a balanced suite of technology solutions and personal service. While the following services offer boards streamlined options for day to day processes, our accounting team values the unique needs of each community. We are committed to delivering relevant and reliable financial reporting to the Board and the community while taking advantage of technology designed to increase efficiency and cut administrative costs. Solutions include…

  • Secure board portal for online access to financial reports, and more
  • Free online payment options for residents
  • Paperless, online accounts payable process
  • Meetings available through WebEx and Skype

We believe in making your life as a volunteer Board member as simple as possible!

Accounts Receivable

Merit managers and accountants appreciate the delicate balance required to manage the changing abilities of a community’s residents and the importance of collecting the Association’s assessments to meet the Board’s fiduciary responsibilities. We will never treat your residents as just a number and will always strive to find a workable solution that meets both parties’ needs. We offer your residents the respect they deserve and will always treat them professionally and politely.

Unfortunately, there are times when residents are not able to meet their financial obligations and at those times we will work with your collections attorney and with strict adherence to your Association’s collection policy to accomplish what is in the best interest of your Association.

We provide your residents the opportunity to pay their assessments online or by check. Credit cards, online checks, and recurring payment options are accepted online using 128-bit bank level encryption.

Accounts Payable

One of the more time-consuming processes for Board members with signatory responsibility has always been the review and authorization of vendor invoices followed by the signing of checks and then returning them to the management company for distribution. This process was time-consuming for the management company as well and required the storage of large amounts of paper. Merit Management is an industry leader in the use of our online Accounts Payable program, which allows all signatories to sign into the Board portal, access the scanned images of the Association’s invoices, click to approve, ask a question or disapprove any invoice presented. For those approved invoices, checks are then issued and mailed using digital signature technology the next business day. Any invoices that you have questions about will be returned to Merit Management for follow-up and clarification.

Because you can approve invoices online in just a few minutes from anywhere that you have internet access, you can stay connected to your responsibilities while traveling.

Management
Business meeting -  manager discussing work with his colleagues

Generating Results

The enrichment of community life requires a balance of responsible management and a connection to the community and its members – a balance few management companies understand but one you will see put into place every day as part of our community association management services.

We provide a customized set of capabilities covering the administrative, maintenance and enforcement aspects of maintaining a successful community that is operating at peak potential. In addition, we encourage and support environmentally friendly management and maintenance practices to conserve resources, which result in a better environment and cost savings for the associations we manage. Our services include:

  • Communication tools that connect members to upcoming community association activities, community guidelines, financial operations and the essential components and importance of rules enforcement.
  • Customize specification packages and RFPs suited to the individual aspects of your particular community.
  • Comprehensive insurance review to ascertain whether the Association has the proper coverages and limits to protect the assets of the community.
  • Effective management support and education of Board Members through direct communiqués, educational board orientations and best practices to adapt to statutorial changes and community association management trends.
  • Covenant enforcement to maintain the overall appearance of the community by assuring that all members are in compliance with the Association’s governing documents.
  • Maintenance programs that enhance the value, physical appearance and condition of the community’s assets while being responsive to specific work requests.
  • Administrative services essential to Annual Meeting planning and scheduling, preparation of agendas, reports and documents, maintaining minute books and members’ records.
  • Counsel and advice are surely the most valuable assets any management company can offer to a client Association. A manager experienced and educated in a multitude of disciplines will provide the Board the type of advice necessary to lead the Association forward.

When choosing Merit, your Association receives the benefit of best management practices designed to support your community goals and objectives and a long-term partnership with local ownership and Merit team members who are deeply committed to your continued success.

Helping to Lead Your Community

Board Members are our heroes – we recognize the dedication and effort required to serve as a volunteer Board Member for the community – a responsibility that neighbors and fellow homeowners may not truly understand.

Board Members accept the important duty of governing their community and protecting their members’ investments through good business judgment.

Our commitment to organizations such as the Community Associations Institute® keep us current with industry trends, statutory changes, case law and best management practices. Merit excels at the education and orientation of Board Members through complimentary, personalized Board orientations offered on a regular basis. Each Board Member may access online, up-to-date information concerning association financial operations, covenant enforcement, maintenance issues and governing documents through a community Web-portal that we provide your Association.

Our first priority is to support you, the Board of Directors, so that you may provide the leadership your community deserves.

 

For more information, contact Merit Inc., today!