Understanding Financial Performance
Bluestone & Hockley deposits all client funds in a federally insured financial institution trust account. These funds are used to pay the expenses related to the property such as maintenance, utilities, contract commitments and management commissions.
Bluestone & Hockley has recently instituted use of Rent Manager Online database software. Rent Manager Online is specialized financial software designed specifically for use in property management. This program allows us to create categorized income and expense accounts specific to your needs. Gross revenue and expenses can be posted to these accounts to create a detailed, accurate financial statement that helps you track exactly what money was received and where it was spent.
Rent Manager Online servers are located off-site in a bombproof center with 24- hour on-site security. This facility also has redundant internet backbones and diesel generator backups to ensure that access is always available. Using this service provides our clients and our staff complete, real-time access from anywhere, at any time, through the internet.
Rent Manager also tracks each owner’s transaction history and provides a ledger, detailing owner charges, payments, delinquencies & NSF checks.
Rent Manager also contains a Service Manager Module designed to track all maintenance expenses incurred at your community. This module allows lengthy descriptions of each maintenance activity to be input, which can then printed in a clear, concise report format.
Reports the Board of Directors Will Receive
The Board of Directors will be mailed or emailed a detailed monthly operating report on the tenth of each month. This report will provide a clear picture of the association’s financial position, including operating, reserve and investment accounts. In addition to reports detailing income received and expenses paid for the previous month, the Board will receive a breakdown of all delinquent accounts, copies of each invoice paid, and copies of bank statements and monthly reconciliations, however, the operating report is not limited to the financial picture. Maintenance activity, ARC activity, title transfers, and action items are all tracked as well. Our Community Association Managers strive to provide any other relevant information or breaking industry news via this report as well.
Triple Check Invoice System
Bluestone & Hockley triple checks every invoice to ensure that payments are issued only for services that have been completed in accordance with the established scope of work. The system also allows the Community Association Manager to review invoices for any charges that may seem out of line. When authorizing maintenance, the Community Association Manager reviews the association’s budget to ensure that work stays within established financial parameters.
