Financial Services

Euclid provides an extensive system of checks and balances along with a thorough understanding of the dynamic regulatory environment governing community association management.  Our experienced financial team systematically analyzes your association’s financial health to distinguish trends, anomalies and potential challenges to ensure that our boards meet their fiscal and fiduciary responsibilities to the members.  Comprehensive financial reporting provides the Board of Directors the ability to anticipate funding requirements and strategically plan for future projects.  We understand that many of our board members are not financial professionals.  We prepare for our clients every month, a written financial analysis to assist you in better understanding the association’s financial position.  We also conduct regular small scale board training sessions to increase your comfort level in reviewing association finances.  

Our Accounting and Financial services include the following:

·         Financial statements will be completed by the 10^th of the month. This includes all statements such as: a balance sheet income statement, budget comparison, check list, bank reconciliation, and delinquency report.

·         All Board Members and Finance Committee members will receive an email about the 10^th of the month which includes all previous month’s financial statements. The types of reports can be customized.

·         Individual financial reports can be emailed to Board Members, Committee Members, and Homeowners.

·         Pay all association bills on a current basis. Utilities are paid through an auto debit or are processed weekly. All other invoices are paid in a timely manner. Typical turnaround time is less than 15 days.

·         During the check writing process we scan all invoices and electronically attach them to the check. This makes researching prior expenses very simple, easily accessible, and we can email them to the Board.

·         Each month a written “financial analysis” is prepared for the HOA’s financial statements. This analysis includes an explanation of expenditure variances and includes a section identifying Board action required.

·         Review financial statements in our office with Treasurer or designated Board Member.

·         Maintain accounting system on sophisticated software systems.

·         Send monthly assessment billings itemizing beginning balance, monthly charges and payments. The statement is sent in a full sized business envelope and includes a return envelope. This provides the Board an opportunity to include a newsletter or other notice to the owners.

·         Checks and balances are in place to ensure HOA monies are secure. Check preparation, preparation of the financial statements, and completion of bank reconciliation duties are separated to ensure security.

·         Homeowner billing questions are answered on a same day basis.

·         Prepare budgets for distribution to Homeowners at least 105-days prior to the fiscal year end.

·         Coordination of tax returns, prepared by a certified public accountant.

·         Coordination of audit or review, prepared by a certified public accountant.

·         Work with specialist in preparation of reserve study.

·         Prepare “rush” checks at no additional cost.

·         ACH assessment payment option available. Each month, around the 8^th, we will automatically pull the owners payments. No more check writing.

·         Utilize “Lock Box” system for homeowners’ assessment payments to ensure safety. Payments are sent from the owners directly to the bank’s lock box processing center. This ensures a prompt deposit and maximum security to the Association.

·         Maintain separate bank accounts in the association’s name.

·         All reserve accounts will be signed by Board Members only – not by a representative of Euclid.

·         Reconcile bank accounts monthly and provide Board Members a copy of the reconciliation.

·         Make deposits on a timely basis.

·         Utilize the bank’s “lock box” to ensure assessment security.

·         Recommend appropriate investment opportunities for the Board to fulfill its fiduciary responsibilities.

·         Facilitate and process signature cards and documentation to open new accounts within the selected financial institution.