Financial Services

A budget of the regime’s income and expenses for each year provides the basic platform for managing the day-to-day operations of the regime. RPM will prepare for the Board a yearly budget based on the best available information. We will also develop a Reserve budget based on a long-term plan that anticipates major expenses and improvements. Together these tools will help the Board decide on a strong financial plan to protect the owners from surprise costs and special assessments. After the Board of Directors reviews, revises and approves the budget, RPM will publish the budget for the new fiscal year and enter it into the accounting system. At the quarterly board meetings RPM will provide a comparison of the actual costs vs. the budget for Board as well as a balance sheet and an aging report.

RPM acting on behalf of the association will bill and collect all assessments due the association. These funds are placed in an interest bearing savings account and used to pay the bills of the association. RPM will send past due reminders and assess late charges to those with delinquent accounts. At the Board’s direction RPM will file lien notices. If the Board authorizes, RPM will foreclose a lien against a defaulting owner.

RPM will be responsible for processing and paying all ordinary expenses and obligations of the association. RPM utilizes Bank of America’s online system allowing the Board to access all of the association’s accounts and monitor their activity.

RPM will handle all correspondence related to business matters concerning the financial transactions of the association.

RPM will prepare the preliminary financial information for the tax returns yearly and assist the accountant in their preparation.