1.      ASSESSMENTS

• Receive all assessment payments and other charges utilizing a monthly mailing coupon;  no cash will be accepted on behalf of the ASSOCIATION.  
• Deposit all receipts in a segregated account, in the name of the ASSOCIATION,  at a financial institution recommended by KA Diehl & Associates 
• Maintain a computerized monthly record of assessment billings, late fees, adjustments and payments received.
• Prepare a delinquency listing at the end of each month.
• Assist in the development and enforcement of a delinquency procedure. 
• Administer the established delinquency procedure by charging the appropriate late charge and issue late letters in accordance with the Federal Fair Debt Collection Act on behalf of the ASSOCIATION.
• Cooperate with legal counsel on collection matters.

2.      DISBURSEMENT PROCEDURES

• Receive, review and approve invoices on behalf of the ASSOCIATION.
• Prepare and disburse checks for payment of approved expenses from ASSOCIATION accounts.  Inspect and/or  verify to the best of the MANAGER'S ability, that all work performed by the contractors has been satisfactorily performed before payment is made.
• Maintain monthly disbursement files,  which include copies of all invoices with copies of all checks and the check registers.
• Issue all necessary forms consistent with Internal Revenue Service guidelines.

3.      AUDIT AND TAX RETURN

• Contract with an independent certified public accountant on behalf of the ASSOCIATION to prepare an annual certified audit  of the ASSOCIATION books and records and Income Tax return.
• Assist the certified public accountant in the preparation of all tax returns during the audit process.
• Review and make recommended adjustment to the ASSOCIATION records as outlined in the audit.

4.      FINANCIAL REPORTS      

Prepare and maintain all records necessary to produce the monthly financial report which includes the following:

1. Balance sheet
2. Repair and Replacement Fund Summary
3. Statement of Revenue & Expense Operating - Current Month
4. Statement of Revenue & Expense Operating - Year-to-Date
5. Statement of Revenue & Expense Reserve - Year-to-Date
6. Aged Accounts Receivable Report
7. Check Register
8. Bank Statement (s)

Note:   Statements/Reports will be prepared by the 25th of the month following the month reporting

5.      BUDGET PREPARATION

• Prepare the initial draft of the annual budget at lease 90 days prior to commencement of the fiscal year.
• Distribute the final budget to all owners at least 30 days prior to the commencement of the fiscal year, or as outlined in the documents.

6.      RESERVE FUNDING

• KA Diehl has partnered with local banks and investments firms to provide investment services for the reserve funds to maximize earning.
• Reserve funds are maintained in an interest bearing account based upon the major repair  and replacement fund report prepared by an engineering firm.  
• Through these institutions we coordinate the recommendations of the finance committee and the Board in investing the Reserve Funds.

7.      FIDELITY BOND

The insurance should be a minimum of an amount equal to three (3) months collections plus the total of all reserve funds or as required by FNMA. MANAGER shall be added as an additional insured to the ASSOCIATION fidelity bond.