Page 33 - HMS -- Windward RFP -- updated 2017-04-19 1502
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Management Functions
Available from HMS
FINANCIAL SERVICES
ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE & GENERAL LEDGER
SERVICES
Conduct collections of member assessments (dues) which includes:
Preparing Association assessment policy
Sending invoice statements monthly, quarterly, semi-annually, or annually
Billing for special, non-recurring assessments
Prompt depositing of assessment collections
Processing and charging for NSF payments
Handle delinquent member accounts which includes:
Processing of delinquent accounts to ensure all necessary collection actions are taken as
required, including:
Charging late fees and interest as directed by the Board of Directors
Sending professional monthly late notices
Sending warning letter of pending collection action
Sending lien warning letter
Lien preparation through legal counsel*
* A one-time $100 fee charged to the homeowner’s account. Attorney is given login access to
homeowner’s account information through the web based management software.
Coordination with the legal counsel
Developing and assisting members with Payment Plan options *
* $8 fee added to each payment; paid by homeowner
Lien release letter
Pay monthly bills which includes:
Using any of the following payment approval methods:
1. set limit authorization,
2. regular schedule pre-approved,
3. officer authorization
Providing documentation of all payments to Association Treasurer
Verifying Supplier and Vendor insurance coverage
Providing Rush Handling of checks when necessary for a $10 fee
Prepare monthly financial statements which includes:
Providing a complete financial report package in easy to understand formats:
Income Statement, Balance Sheet, General Ledger, Budget Comparisons, Assessment
tracking, & other custom reporting optionally available from our systems
Providing statement delivery via paper format or email format
Reconciling a checking account statement
Reconciling a savings/investment account statement
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