Financial Overview

Just as the backbone of every entity is its financial structure, financial services is the backbone of Centennial Management's association services.  We acknowledge and welcome the responsibility that accompanies being stewards of your money. We provide straight-forward solutions to your financial challenges and consistent, timely performance of routine tasks.

Financial Services

Accounts Receivable

• Mailing of monthly dues statements
  • Statements are mailed to owners of record. In lieu of monthly statements, coupon books, 12 pre-addressed envelopes, or other means are used for dues reminders.
• Automatic dues withdrawal
  • ACH can be utilized to improve cash flow and reduce delinquencies. Discounted monthly bank ACH fees are offered.
• Aggressive dues collection
  • Association policies are strictly followed. If necessary, accounts delinquent in excess of 90 days are pursued using legal action, which may include foreclosure.
• Lien filings
  • Recommendations to file liens on accounts delinquent in excess of 90 days are made to the Board. Liens are prepared and filed with the appropriate County.

Accounts Payable

• Cash flow management
  • Operating and reserve accounts are monitored to ensure maximum use of funds. Reserve requirements are considered and strictly followed. Cash flow concerns are communicated with the appropriate Board representative.
• Timely bill payment
  • All invoices are entered when received and paid on a weekly basis, or as needed. Invoices are reviewed for completeness and are paid after the appropriate authorization. Copies of all paid invoices and bills are provided to the association Treasurer or appropriate Board representative.
• Bank account review and reconciliation
  • All operating and reserve account are reviewed and reconciled on a monthly basis. Copies of all bank statements and reconciliations are provided to the association Treasurer or appropriate Board representative.

Financial Reporting

• Complete financial statement preparation
  • Cash and/or accrual basis financial statements are available, including, Balance Sheet, Income Statement, General Ledger, Accounts Receivable, Accounts Payable.
• Monthly variance analysis
  • Monthly Income Statements are compared to Budget and a variance analysis is presented to the Board identifying reasons for significant variances.
• Budget preparation
  • Annual Budget is prepared, in coordination with the association Treasurer taking into consideration prior years’ performance, the impact of inflation on operating costs, reserve funding, and scheduled capital improvement projects. An operating budget and reserve budget can be performed if appropriate.

Other Financial Services

• Reserve Analysis
  • Identify capital improvements; assess remaining useful life of improvements; estimate future replacement cost of improvements; calculate required reserve contributions needed to fund future reserve requirements
• Budget review and monitoring
  • Monitor monthly Budget compliance to ensure annual budget goals are met. Identify areas of significance and improvement for future years’ budgets.
• Income tax and corporate filings
  • Prepare all required Federal and State income tax returns, and all corporate filings with the Secretaries of State.