Financial Management for HOAs

Financial Management for Home Owner Associations

Make Informed, Timely Financial Decisions with Regency’s Expert Financial Management

Current economic conditions call for smart, creative financial management. Regency Management Group provides financial services designed to promote the growth, value and prosperity of your New Jersey association.

Most important, we understand the extreme financial constraints under which association boards must operate—that your most critical issues are budget and cash flow—and we develop proposals to help you address those challenges. We apply our extensive accounting and data services background as assiduously to your finances as we do to our own.

We have the technology to collect payments online, digitally approve checks and invoices, and enable easy access for collections—the conveniences your residents want, with the efficiency you require. RMG manages your association’s finances with a comprehensive suite of services and reports that equip your board to make informed, timely decisions all year long. 

Our services include:

Regency will establish and administer bank accounts, process all checks and post to the appropriate budget line item, administer accounts payable, and reconcile monthly bank statements.

We will assist in preparing the annual budget and provide required information 90 days prior to year-end for the board to adopt the budget.

Superior financial management is the backbone of every well-run community association, and financial reporting is a major strength of Regency Management Group.

We will maintain unit and association financial records; prepare monthly financial reports, including revenue and expenses, balance sheet, and budget variance; analyze reserve accounts annually and report on reserve accounts quarterly; prepare an annual financial report; and provide all financial information required for annual or special audits.

Regency Management technology will make data accessible to attorneys for collection work, enable digital approval for checks and invoices, employ GAAP standard accounting with flexible reports available for each client, and generate accounting reports that are easy to read and understand.

We will arrange to collect community assessments, fines and other fees; follow up on delinquent assessments, furnish monthly reports to the board; and monitor all unit sales, arranging for collection of delinquent fees at closing.

Because we manage many properties throughout New Jersey, we’re able to identify opportunities and obtain volume discounts for such services as waste management, cable, satellite, Internet, insurance and more.  Unlike some property management companies that retain a percentage of such discounts, we flow the entire amount directly through to our clients.