Financial Services
Our financial services include access to our banking services, providing the Association with enhanced security, total liquidity, and significantly higher interest rates. There is also no charge for checks, no lockbox fee, and reduced bank service fees.
Some of the financial services we provide:
- Prepare an annual budget for consideration by the Board. The budget shall be based on prior operating expenditures, estimated future expenses and required capital replacement reserves.
- Account for assessments and all other charges due by the Owners.
- Maintain checking, savings and other banking accounts in the name of the association.
- Bank accounts will be separate and apart from all other accounts of LEAD and the amounts therein will not be commingled with any other funds controlled by LEAD.
- Notify Owners of any delinquency and take such reasonable action for the collection of the delinquent assessments as the Board may determine.
- Make all disbursements from assessments collected for normal recurring expenses as provided in the budget and as approved by the Board.
- Furnish monthly and year-end financial reports prepared on a modified accrual basis, which include all income and expenses and will reflect the net cash position of the association.
- Assist with the annual audit.