Illinois association financial and accounting services by FirstService Residential

Financial and accounting services for your Illinois condo and homeowners associations

Your Illinois condo or homeowners association’s continued financial stability is one of our primary concerns. Thanks to our extensive experience in providing high-level financial services to countless associations throughout the state for more than 60 years, you can feel confident that your association’s financial affairs are in skilled hands – managed with the quality, professionalism and attention to detail that have made us the Chicago property management leader.

Our team of financial and accounting professionals delivers comprehensive services that help your Illinois association avoid cash flow problems, prepare for market changes, plan for renovations or capital improvements and more. They utilize a proven checks and balances system that ensures the accuracy of every transaction.
 

Illinois association financial and accounting services we offer

Here are some of the results you can expect from our financial team:

• Your association’s financial information is available to authorized users 24/7 through a password-protected program
   
• Timely financial packages, especially documents needed for Board meetings
   
• Multiple payment options to reduce delinquencies and facilitate cash flow
   
• CPA access provided as necessary to reduce your association’s auditing fees
   
• Your team accountant is available to your Board and Treasurer to answer questions and conduct periodic financial reviews
   
• An in-house Resale Department to eliminate the risk of lost assessments when homes are re-sold

As part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) we are held to the highest standards of transparency, security and accountability, and comply with Sarbanes-Oxley requirements
 

Timely and accurate financial reporting

Our comprehensive Illinois association financial and accounting services include timely and accurate reporting on all fiscal matters to keep your Board updated and on budget. Our CPA-supervised accounting team prepares a comprehensive monthly financial status report for your Board, including current-month, year-to-date and comparisons-to-budget data, to ensure your association remains aware of its financial status at all times.  In addition, team members prepare your balance sheet, income and expense statements, manage accounts payable and receivable, and handle all other financial activities as needed.
 

Budget Preparation

Your Illinois association annual budget is your community’s most important tool for success.  Preparing a reasonable yet cost-effective budget requires the fiscal diligence of our team of experts. Our industry leading budget template provides detailed graphs of year-over-year expense comparisons and automatically trends specific line items, allowing your Manager to better forecast on behalf of your community. Through the use of our template, Board members have a better understanding of their needs and can better plan for your community’s future.
 

Annual audit and tax preparation

You can be sure that all required documents for annual third-party CPA audits and tax preparation will be completed accurately and on time. In addition, we provide all Board-hired CPAs and attorneys with access to our FirstService Residential Connect software platform, where they can review relevant files and documents – and reduce your association’s preparation costs.

Our Illinois association financial and accounting services include:

• Monthly financial statement package (statements also available online)
   
• Preparation of balance sheets, income statements, bank reconciliations, support schedules
   
• Processing of payments via a licensed and insured lockbox facility
   
• Flexible banking options and fidelity bonds
   
• Multiple payment options
   
• Electronic scanning of vendor invoices and computerized check preparation
   
• Annual budget preparation and processing
   
• Year-end financial packages provided online for independent auditors
   
• Turnkey collections services

Learn more about how our financial and accounting services can benefit your Illinois homeowners association.