LOWE'S FINANCIAL OPERATING PROCEDURES:​

• Maintain a separate set of accounting books and separate bank accounts for each client
  
• All payments received will be posted and deposited into the HOA's separate operating bank account at the designated bank
• Ensure the operating expenses of  the HOA are executed 
  
• Each month, HOA bank accounts will be reconciled and accounts receivables will be balanced
• Monitor the HOA's income and expenses for budget compliance on an ongoing basis 
  

MONTHLY FINANCIAL STATEMENTS will include:

• Balance Sheet
  
• Statement of Cash Flows
  
• Income and Expense Report with the budget variance of the current month and Year to Date
  
• Cash Disbursement Register
  
• Accounts Receivable Delinquency Report
  
• Bank Statements with a Reconciliation Report

OTHER FINANCIAL REPORTS/SERVICES

• Prepare an annual Pro Forma Budget for the Board's review and approval*
• ​Monthly invoices to each owner
  
• Monthly statement for any owner with an outstanding balance or credit, including itemization of the account in accordance with HOA rules and California laws
  
• Reserve Study: Project future costs for property maintenance-the 3 Rs-Repair, Restore or Replace*
• Annual Reserve Funding Report
  
• Annual Disclosure Report*
• State and ederal income tax and 1099 filings*
• File biennial reports with the Secretary of State*
• Insurance company inquiries, audits, quotations, arrange coverage for fire/casualty, earthquake, liability, and worker’s compensation
• Coordinate with escrow companies, complete demand notices and gather the applicable governing documents of the Association*
  

*Required by law

LOWE'S MANAGEMENT SERVICES, INC.​

lowesinc@gmail.com      (626) 795-9156 ​

​