Keeping a neighborhood in order can be hard without the help of a select few to keep an eye on the behind the scenes details that prove themselves to be very time consuming. Homeowners recognize the need to appoint a leader to manage the financial aspects that come along with living in a neighborhood. For this reason, financial management services are offered to neighborhoods to establish order and keep up with the day to day
Financial management positions work side by side with the neighborhood association board. They discuss the yearly budget to determine a set homeowner’s fee that is paid by all residents. This money is used yearly to benefit the neighborhood by keeping up with its cleanliness and paying for the provided amenities. Each resident is required to pay these dues and is held accountable by the financial manager as they strictly enforce the dues. This money is also personally collected by the financial manager, as well as any late fees that may have occurred from not paying the fees on time.
These financial managers are responsible for using this money the way it was intended. A majority of homeowner fees are meant to go directly to paying for neighborhood amenities. Amenities are expensive due to their availability at all hours of the day and use by an entire neighborhood. It is the financial manager’s job to pay the bills on time so that these privileges will remain available to the residents.
When establishing homeowner fees for the year the board is thinking ahead. Although a large amount of the money is used throughout the year on keeping up with the neighborhood, a piece is put a way for the future. The board looks closely at all aspects of the neighborhood and determines whether anything will need to be replaced in the near future and prepares for the occasion. They also put a piece of your money away for future improvements that may be made to better the neighborhood. Every dollar is put to good use to maintain the happiness of every homeowner.
At the end of the year you can count on the financial manager to have every receipt stored away in a safe location. They are required to present the neighborhood finances to an auditor; therefore, need a close record of every transaction that was made. The finances of a neighborhood are complicated to manage alone, but with a trained financed manager each resident can be reassured that every cent is well spent.