A quarterly financial report is a summary of the performance of your HOA over a three-month period. The report allows you to monitor and update your organization’s portfolio at shorter intervals while maintaining greater accountability with your board, members, property manager, all stakeholders, and federal and state regulatory agencies.

RowCal Property Management can help you create and manage your report, provide consultation, and alert you when line items need to be added or removed. We offer online tools that give you instant access to your reports at any time. Below are some financial report essentials you should include in your document. If you have any further questions or need to schedule a consultation, feel free to call us. We’re here to help!

Balance Sheet

A balance sheet outlines the income, expenditures, and amount of money in your HOA accounts over a three-month period. You can compare the expenditures your HOA incurred against the amount of money the organization brought in.

Income Statement

The income statement details the income your HOA received from members or other sources. The income statement helps you determine if your HOA made a profit or a loss based on all financial transactions. Income may include:

• Member fees & fine payments

• Investments

• Services offered

Accounts Receivable

Accounts receivable highlight outstanding bills or payments that members or other entities currently owe your organization. Accounts receivable may include:

• Collections

• Credit or refunds from vendors

• Payments for services your HOA provided

Bank Statements

Bank statements reflect all banking transactions during the previous quarter. As a supplement to the bank statement, you’ll also want to keep a cash disbursements ledge (A.K.A., check register). The ledge keeps records of all checks that your HOA wrote.

General Ledger

A general ledger does more than just help you crunch the numbers. It helps all stakeholders understand your HOA’s record-keeping system. It is an overview of each incoming and outgoing financial transaction over the quarter. It contains all the information you need to prepare your quarterly financial statements. It may include:

• Assets

• Liabilities

• Owners’ equity

• Revenues

• Expenses

Who Should Prepare Your Bank Statements?

The responsibility of preparing the bank statements starts with the appointed HOA treasurer. The treasurer oversees, carefully monitors, and prepares all bank statements monthly. Next in line would be your HOA’s accountant. If you are working with an accounting firm, then submit your statements monthly so that your accountant can keep accurate updated records.

RowCal’s Property Management Services include financial administration and accounting, such as bank reconciliation, general ledger facilitation, accounts payable/receivable, and monthly financial report processing and delivery. We can work with your HOA treasurer to ensure every financial transaction is accounted for and properly categorized.

Schedule A Consultation For Your HOA Financials

RowCal provides comprehensive property management services for HOAs, condos, high-rises, and townhouses. Our services include governance administration, financial administration, consulting services, and maintenance and project management. To find out more about how we can help you with your organization, call us at 651-233-1307.