Association Financial Management

 Next Generation Management & Accounting Services (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 capabilities of pulling a variety of different reports that can be customized to tailor to the needs of your association.

 All associations run on interconnected cycles of revenue and expenditure. The Accounts Payable is the amount of money that an association owes to vendors/suppliers for providing their services/supplies. The goal of the AP process is to ensure the legitimacy and accuracy of any payment. At NGMA, we utilize the DATA Method. 

Determine - Property Manager

Assign - Accounts Payables

Track - Board Member

Analyze - Board Member

 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 with the ease of accessing and utilizing the websites we’ve created. 

Once a collections protocol is outlined, delinquent letters are sent out regularly as soon as a homeowner reaches the parameters set.