Gateway Management shall assist the Board in all matters relating to income and expenditures including, but not limited to, the following:
Financial Reports: Maintain a computerized record of all income and expenses, assets and liabilities, with a summary statement of the aforementioned items, including a statement reflecting actual versus budget for the accounting period and from the commencement of the fiscal year until the date of the report to the Board, a report of member delinquency and a check register of funds disbursement for the Association.
Accounts Receivable: Collect all general assessments as they become due and payable from all owners identified on the rolls provided to Gateway by the Association and all monies due, which are obligated to and for the benefit of the Association.
Accounting Records: Maintain computerized records of the Association in hard copy form. Provide detailed monthly financial statements to the Board including balance sheet, reconciled bank statements, profit & loss statement, receipts report, disbursements report, and income statement, and delinquent assessment reports, reserves, comparison to budget on a monthly as well as yearly basis with exact amounts of difference in each income and expense category whether plus or minus.
Association Bank Accounts: Deposit all receipts from whatever source, including assessments, in a financial institution insured by an agency of the Federal Government and approved by the Board, in an account or accounts in the name of the Association.
Accounts Payable and Disbursements: Check mathematical accuracy of vendor/contractor invoices at bookkeeping level. Prepare checks with supporting documentation for timely payment of purchased items, contract services, and utility and tax bills.
Annual Report: Cooperate fully with the independent certified public accountant or accounting firm retained by the Board in the conduct of an annual audit or other financial examination, including making all records, books and accounts available for inspection and review.
Budget Preparation: Assist the Board of Directors, Treasurer and/or Budget Committee, if applicable, in the preparation of the operating budgets of the Association.