Fostering Relationships Building Communities
A complete financial report package is available to board members monthly, either via the web portal, emailed, or mailed.
The complete report includes a balance sheet, budget comparison, income statement trend, check register, deposits, GL ledger, settlement statement, bank reconciliation, delinquent report, and a pre-paid report.
Homeowners have access to a limited financial package monthly via the web portal. The homeowner financial report includes a balance sheet, budget comparison, income statement trend, and a check register. View sample financial reports.
Keeping Watch Over Your Investment
Deposit assessments into Federally insured accounts
Oversee Special Assessment process through Notice of Assessment (when necessary)
Establish banking information
- Process late notices in accordance with the established collection policy
- Maintain accurate homeowner correspondence files including delinquency notices, correspondence, recorded deeds, and status changes
- Facilitate payment of Association invoices in an efficient manner
- Prepare monthly financial statements
- Assist with filing tax returns, Corporation Commission filing and annual financial statements
- Process title company demands in accordance to all applicable state laws
- Provide automated assessment payment options and processing
Our experienced collections department team members ensure the association’s assessments are being collected in accordance with the community’s collection policy and state laws.
The key to a successful collection process is consistency and effective communication. Prior to transferring the account to the association’s attorney, all efforts are made to obtain a favorable conclusion and positive outcome that is beneficial to all parties.
To be effective, a collection policy must be consistent from month to month, applied fairly to all owners and be approved by the Board and published to the homeowners.
All Assessments payments are due the first day of the month. The date of the late fee will be determined by the CC&Rs and/or by the Board of Directors. If an assessment has not reached the management office by the date, a late fee will be added to the account in accordance to the Association’s CC&Rs and specific Guidelines.
To meet these criteria, the following policy and procedures are implemented by PMG Services (process is slightly different for quarterly assessments):
1st Day of the First Month — Assessment Due
- 15th Day of the First Month — Late fee added to account. A Friendly Reminder and late statement are sent to the owner indicating the assessment and the late fee.
- 15th Day of the Second Month(45 Days) — Second late fee added to account. A second reminder and late statement are sent showing amount due and with “Second Notice” notation.
- 15th Day of the Third Month(75 Days) — Intent to Lien notice is sent both “Certified and Regular Mail.” It states 10 days to pay.
- 10 Workdays Later(85 Days) — LIEN IS FILED; copy is sent to owner stating the addition of a lien fee and 10 days to pay or account will be turned over to an attorney
- 10 Workdays Later * (95-100 Days) — Account is sent to attorney for collection. All legal fees will be added to account.
* Timing will be based on the approved collections policy for the association