NGMA believes in Budget Smart Management. We firmly maintain each association’s financials dictate Management’s daily activities.
As associations are structured by statute on annual budgets and most commonly about 60% of an association budget is a variable repair and maintenance expense management, our managers and assistants are extensively trained in understanding the association financials and monitor the association expenses on a monthly basis.
NGMA practices full transparency. Association financial reports are provided monthly. The financial report consists of a Balance Sheet, Income Statement (Profit & Loss/ Budget vs. Actual), Aging Report, General Ledger Trial Balance with Details, Bank Reconciliations, and corresponding Bank Statements.
Our accounting and management software is called Cinc Systems. The system has the capability of pulling a variety of different reports that can be customized to tailor to the needs of your association.
With the association’s own secure and customized website, homeowners can view their ledgers in real-time, pay their balances online, and view financial reports. Homeowners have provided positive feedback about the ease of accessing and utilizing the websites we’ve created.
For the convenience of the homeowners, we also provide the option for them to sign-up for ACH directly with our staff via paper or online.
Once a collections protocol is outlined, delinquent letters are sent out regularly as soon as a homeowner reaches the parameters set.
NGMA believes in creating a custom workﬂow payment system to ensure data accuracy and provide real-time monitoring of the association’s ﬁnancials.
By utilizing Avid Exchange, it allows management and the board members to review, code and approve payments with just a few clicks. It is a cloud-based payment system that is accessible anywhere in the world.
Our Accounts Payables process begins with the manager, as it is their responsibility to conﬁrm that the service to which an invoice has been provided has been rendered and that the board is satisﬁed with the service provided. Once the manager conﬁrms both, he/she assigns the property GL code from the Association’s annual budget and releases the invoice. Next, the Accounts Payables team reviews the invoice, conﬁrms the GL code is correct, checks the bank accounts to conﬁrm there are suﬃcient funds for payment, and then releases the payment for Board approval. The system then requires Board members to approve, reject or send invoices back for further information. Utilizing this system also limits fraud or error with enforced controls and customized workﬂows suited to your approval processes. While e-payments reduce the risk of check fraud, audit trails will inform you of every acon taken on all invoices and payments.