Experts at implementing procedures that pay off
The greatest measure of a successfully managed property is an increase in value. The in-depth reports and procedural efficiencies inherent to The Lovett Financial Group are prepared and applied with that endpoint in mind.
Monthly Financial Report
Especially valuable to Boards is an assessment of areas in which efficiencies can be optimized and resources conserved. The monthly Financial Management Report Package we offer is one of the country's best, and includes a Statement of Operating Income and Expenses that:
- Itemizes the building's income and expenses for the period, and identifies areas for potential savings.
- Compares the building's actual financial status with the budget adopted by the Board in order to anticipate the need for potential income generation.
In addition to the Statement of Operating Income and Expenses, the monthly Financial Management Report Package also includes:
- Cash Management Report
- Statement of Disbursements
- Unpaid Invoices
- Statement of Journal Entries
- Residents Arrears Report
- General Ledger
- Bank Reconciliation(s)
- Other information requested by the Board
We encourage you to verify the reputation of our financial reporting package by contacting your public accounting firm and have your CPA review our back office operation.
Shareholders, Unit Owners, Renters and Commercial Tenants Collection Policy
We regularly bill for maintenance, rents and other assessments due and the collection thereof. Along with the Board and corporate counsel, we establish stringent policies to ensure that monthly maintenance, common charges and rent are paid in full and on time. In the event of late- or non-payment, our accounting staff follows-up with the necessary party to obtain payment as quickly as possible. Our lock-box system ensures your residents' monthly payments are deposited directly into your building's account.
The Lovett Group has initiated an ACH Debit system that withdraws monthly maintenance/common charges directly from residents' bank accounts with their authorization. Not only does this debit system ensure timely payments but it provides a great convenience to residents who travel extensively.
Accounts Payable Policy
We promptly handle any bills assessed against the Property, as well as invoices for the Board's policies.
Maintaining organized and current records of all bank accounts, payroll activity and other account information is routine business.
We cooperate with the accountant(s) and auditor(s) in the preparation and filing of federal and governmental reports and requests for your property. We also distribute annual reports after Board approval.
Insurance Consultation Service
We arrange for insurance consultants to advise the Board on a regular basis of any changes in insurance coverage with respect to the building, its employees, Directors and Officers, and the shareholders or unit owners.
We ensure that your employees are paid timely and accurately, and that all payroll related taxes are paid and properly filed. In addition, we also provide direct deposit for your building staff.
The Lovett Group processes and distributes the 1098s to shareholders and prepares Misc-1099s for all required vendors.
Centralized Purchasing of Supplies
The Lovett Group provides the best pricing for supplies through our computerized central purchacing.