Association Accounting

Fairway Property Management is an experienced Community Association Management Accountant, with the knowledge and background needed to keep Associations in compliance with specific laws regarding their accounting, budgets, and fees.  Our Accountants work hand-in-hand with property managers to ensure the financial stability of their Associations.

Community Association Management Accounting or CAM Accounting is a major piece of the property management process. At Fairway Property Management we want to help you better understand what our accounting department does for your Association’s finances. Our Property Management team works closely with our Accounting team to ensure you have the most complete and accurate picture of your association’s financial health and well being.

Accounts Payable:
Coordinate getting bids, executing any agreements & contracts, and issuing purchase orders and paying invoices
Accounts Receivable:
Collection of rent from tenants, collection of all association fees from unit owners; collection of all coin-operated revenue; and take action on all delinquent accounts
Collections:
Verify debts, issue demand letters in accordance with state and federal law, and coordinate with legal counsel.
Banking:
Custodial care of checking accounts, savings accounts, certificate of deposits, and any other bank or financial product. Track all and account for all deposit and credit entries. All accounts will have a full monthly reconciliation.  Lockbox and ACH services for collecting association fees.
Financial Statement:
Fairway Property Management will report to you on a monthly basis: Balance Sheet Statement and Profit and Loss statements prepared according to GAAP (Generally Accepted Accounting Principles).
Budgets:
Fairway Property Management will conduct an annual budget review. Preparation of an annual budget will be completed once the budget review has been completed.
Check Detail:
Fairway Property Management will prepare a check detail report for every check run that we process showing payee, invoice, amount, and account for board approval prior to the disbursement of any funds.
Statement of Payables:
Monthly detail on ledger entries
Statement of Receivables:
Monthly detail on ledger entries