• Signature cards are completed using Board specifications listing signatories on the account, as well as the number of signers. 
• Transfer of funds between accounts with Board knowledge.

Monthly reports to HOA Board:

• Balance Sheet • Income Statement
• Cash Flow
• Cash Disbursements
• Account Payable Open Items Listing
• Prepaids
• Bank Reconciliation
• Accounts Receivable

**High Sierra Management has the ability to provide monthly financial statements to the Board of Directors electronically**

Institute procedures for residential assessment billing

• An approved budget is provided to the accounting department determining the assessment
• Coupon booklets/statements are generated and mailed to the homeowner with a letter of explanation one (1) month prior to the Association’s fiscal year end or pre-determined date pursuant to the governing documents.
• Assessments are applied to the homeowner’s account based on the payment schedule listed in the governing documents; monthly, quarterly, semi-annually or annually.

Provide delinquency procedures and coordinate with legal counsel regarding lien activities and collections

A signed Board Resolution outlining the Association’s Collection Policy is provided to the accounting department.

• Late fees, interest and processing fees are applied to the homeowner’s account.
• The approved delinquency letters, with the homeowner ledger, are generated monthly and mailed to the delinquent homeowner.
• If the homeowner fails to submit payment within the allotted time frame, High Sierra Management then forwards the account history to legal counsel for collection pursuit. 
• Legal counsel will mail a demand letter to the homeowner and, if applicable, file a lien on the delinquent property.
• If no response is received, the attorney will send the homeowner a Summons and Complaint to appear in court for judgment proceedings.
• If a judgment is rendered by the courts, then foreclosure of the lien, garnishment, etc. will proceed against the delinquent property.
• A status report will be prepared by legal counsel each month and provided to the Board for review.

Prepare all deposits and manage bank account(s) in accordance with Board specifications

Prepare all deposits:

Homeowner payments are received by High Sierra Management in various forms:

• Checks with coupons/statements are mailed directly to a Lockbox Center. High Sierra Management downloads the payments into it’s accounting software from the lockbox service daily.
• Checks dropped off at High Sierra Management are scanned generating a file that is sent to the bank daily.
• Auto Withdrawals whereby funds are directly withdrawn from the homeowner’s personal bank account and deposited into the Association’s account.
• E-Checks whereby the homeowner initiates the fund transfer from their bank account to the Association’s bank account. This service is initiated through High Sierra Management’s website using the bank’s link. There is no fee associated with this service.
• Credit Card Payments are also available for the homeowner through High Sierra Management’s website using the bank’s link. There is a fee associated with this service which is included in the homeowner’s payment.

The process for the above listed payments are posted to the Association’s bank account and applied to the homeowner’s account the day the payment is received.

Management bank account(s) in accordance with Board specifications:

High Sierra Management follows the Board specifications outlined for all banking transactions. Possible ways for transfers between Association bank accounts are:

• Transfer will only be done under authorization from the Board.
• Financial institutions provide on-line features for transferring funds between accounts using the web.
• Accounts using different financial institutions transfer monies either by check or EFT.

Coordinate with accounting/auditing firm as necessary to ensure timely and accurate delivery of accounting documents

High Sierra Management will assist the Association in finding an auditor, which meets the Board’s criteria. Most CPA’s that audit homeowners’ associations come to the management company’s office to review all necessary documentation, etc. High Sierra Management will provide the auditor the work space and all necessary accounting documentation facilitating their task to be completed in a timely manner.

Description of financial accounting software

High Sierra Management utilizes a program called C3. C3 is a complete software and services solution for the community management industry. The software was designed from the ground up by Advanced Technology Group using the best practices of some of the largest management companies in the industry. C3 uses Microsoft SQL Server and is very compatible with most accounting systems. For more information regarding this program, please refer to Advanced Technology Group’s website at www.atgonline.com.