Managing Association Assessments and Funds

Understanding Your Priorities

When it comes to managing community association money, we know your top priorities—integrity, trust and responsibility. That’s why we manage your assessments and invoices using tried and true processes we’ve learned from experience.

Bank Accounts

Each Community Association has its own separate account at all times. Accounts are never co-mingled. Our partnership with a specific bank allows for the best level of service and fastest cash receipt processing. All of this maximizes available funds to the association and saves you hassle.

We also help set up reserve bank accounts for Associations. We will work with our partner bank or other banking institutions to review services and investment products to find the best match and highest rate of interest for your association.

Lieberman also can handle your lending needs. We work with dozens of lending institutions to offer the best loan product, lowest interest rates and minimal covenants. Because we help place a large volume of loans, at least  3-5 banks are in constant contact offering specials depending on the circumstances. Our banking package operating procedure is streamlined so that the banks have all the information up front and the loan process can be expedited.

Collections of Assessments

For increased protection and faster collection of funds, assessments are collected by the use of a lock-box system. Once entered into the system, the owners will receive monthly assessment statements.

Payment of Invoices

Lieberman Management Services works hard to pay all invoices in a timely manner in order to take advantage of discounts and avoid late charges. Your Lieberman Property Manager and Accounts Payable department will collaborate (taking cash position, all discounts and late fee dates into account) to review and submit payment for necessary invoices on a weekly basis. Strict financial controls are used when processing invoices to make sure all work was done properly and within the estimate.

Discounts

Thanks to our strong vendor relationships, we are also able to help our clients save money by taking advantage of discounts offered by our vendors and suppliers for timely payment and avoid any late payment charges. Since we manage the accounts of over 200 properties, we are able to leverage the business we bring and pass along additional savings to our associations.

Avoiding Utility Late Fees

To efficiently process utility payments, Lieberman uses an electronic “checkless” system called ACH (Automated Clearing House), a Board-approved system we use for automatic payment to the utility provider. We understand that utility invoices are generally among the largest and most time-sensitive invoices for the property—ACH helps avoid any late charges due to processing delays.

 

LMS is a long-standing property management company serving the greater Chicago area.