Northern Virginia Management provides the Associations we manage a number of financial reports on a monthly basis. Several of these are highlighted below.
The Balance Sheet outlines assets, liabilities and equity in an easily read, standard accrual accounting format. Supplementary schedules to the balance sheet are provided as appropriate showing details of investments and fixed asset and equity accounts.
The Schedule of Sub Accounts breaks down the Association’s reserve funds into specifically earmarked items (such as sidewalks and roof replacements). These schedules are amended monthly to include contributions and disbursements for that month.
The Working Capital and Capital Replacement identifies each month’s accounts, their maturity interest rate, and current contribution and balances.
Accrued Expenses are a listing of the accruals, which have been made for major expenses which have been incurred, but for which cash has not yet been expended.
The Comparative Summary of Income and Expenses provides a point of comparison between actual monthly income and expenses to amounts budgeted for that month, and also the status of year-to-date income and expenses compared to the budget. Many kinds of expenses, such as utilities, fluctuate over the course of the year. These variable expense items are detailed in a month-to-month projected schedule and result in the greatest possible degree of budget analysis and comparison.
The Monthly Spread Report displays actual expenses year-to-date and budgeted expenses for the balance of the fiscal year, giving the Board the tools to make sound financial decisions on a monthly basis.
The Schedule of Open Invoices is a listing of any invoices, which are unpaid at the end of the month. Accounts Receivable Status lists all co.-owners with a balance in their account at month-end. The details for any delinquent balances are shown here.
Monthly Disbursement Summary lists every disbursement made for the month including payee, account number charges, and amount and check number.
Monthly Cash Receipts is a detailed listing of all cash received during the month including all miscellaneous cash receipts and the account which was credited. In addition, a preliminary General Ledger is reviewed each month by the Community Manager and accounting personnel before preparing financial statements. This preliminary review together with reconciling the bank statements allows for any corrections resulting in more accurate financial statements. The speed and accuracy of Northern Virginia Management, Inc.’s accounting system is outstanding. Additionally, within 30 days of an Association’s fiscal year-end, all records are ready for the annual audit. At the close of an Association’s fiscal year, a cumulative general ledger as well as an audit adjustment sheet, balance sheet schedules, bank statements and reconciliation’s, a trial balance, and copies of contracts, etc. are provided. These tools are used by the Association’s auditing firm during their review of finances. Any adjustments made by the auditor are then incorporated by Northern Virginia Management, Inc.’s accounting department to ensure accuracy and consistency. An additional feature is Northern Virginia Management, Inc.’s ability to adapt the chart of accounts to suit the Association’s specific needs.