Accounting & Reporting
Great North boasts the most robust and transparent accounting and reporting process in the industry. We place great emphasis on our accounting capabilities and the importance of a solid system, which includes a quality peer review process. We’re different because we have the finest accounting department of any property management firm in this business.
Specific accounting services include:
Bank Accounts
Ensuring all operating, reserve and other accounts are properly set up, maintained, and reconciled.
Collections
Enforcing the collection of monthly fees, assessments and other charges. Maintaining aggressive follow-up action on all unpaid fees or assessments. Overseeing an automatic withdrawal program for homeowners who wish to have their monthly fees automatically deducted from their bank account.
Resident Ledgers
Keeping accurate records of homeowner occupancy and receipts. Distributing coupon-billing booklets to all current and new homeowners.
Payroll
Approving time sheets, distributing payroll and preparing necessary tax reports for all on-site personnel.
Budget
Preparing the annual operating budget for review and approval by the board and/or association. Helping the board maintain a long-range capital replacement reserve schedule.
Invoices
Approving and paying all invoices on a weekly basis in accordance with the budget. Providing copies of all bills and invoices paid from the association’s account, if requested.
Financial Statements
Preparing monthly financial statements showing total monthly and year-to-date activity by line item. Comparing budgeted income and expenses to actual income and expenses and suggesting corrective action to the board when advisable.
Audit
Assisting the association’s outside accountant/auditor in performing the annual audit and federal income tax preparation
Serving New England with superior customer service year after year.
Administrative
Administrative services are a critical component of Great North’s comprehensive approach to property management. At Great North, we pride ourselves on doing the following for our clients:
Board Relations
Meeting with the board of directors to review financial reports and discussing upcoming goals and activities for the association.
Declaration and Bylaws
Reviewing, interpreting, and modifying association governing documents in accordance with the board of directors’ objectives.
Enforcement of Rules and Policies
Interpreting and enforcing rules. Guiding the board with development or amendment of rules and procedures.
Correspondence
Preparing and distributing association correspondence and notices. Developing and maintaining effective complaint procedures. Responding to inquiries in a timely manner.
Committee Relations
Providing direction and support for volunteer committees when requested.
Annual Meetings
Coordinating the notice, proxy, agenda and ballot process for Annual Meetings of the association. Acting as chairperson for the meeting, if requested.
Insurance
Negotiating and maintaining the appropriate property and liability coverage for the association. Assisting in processing claims related to the property.
Record Maintenance
Maintaining all current and archived records for the association, including unit owner information, contracts, insurance information, and accounting records.
