In addition to our full management services, Eclipse offers a unique approach for small or self-managed associations that would like to leverage our professional invoicing, convenient payment options, timely vendor payments, and transparent financial reporting. In some communities, volunteer board members are willing to dedicate time to ensure that vendor relationships are managed, violations are addressed, and maintenance issues are coordinated. Allowing Eclipse to handle the financial needs of your community frees your time to maintain focus on those areas.
We adhere to professional accounting and management industry standards to ensure that the association remains compliant, and the financial position is very clear. The community also has the option to engage the Eclipse team on an hourly fee basis for any needs that extend beyond financial management.
Here are some of the key characteristics of our financial management service:
Our team provides comprehensive financial management and reporting services to ensure that the financial state of the association is always clear. Because transparency is at the heart of all we do, board members have full access to all accounting reports in real time through the Eclipse Owner Portal. A subset of reports is made available to all owners monthly through the Eclipse Owner Portal.
Our management team will assist the board with the preparation of an annual budget. Once adopted by the board, the budget is made available to all owners. The budget will also be incorporated in the financial reports to allow comparison of actual versus budgeted figures.
Collection of money due is essential in order for a community association to function smoothly. Assessments are invoiced and collected promptly via check, automatic bank draft, or debit / credit card payment via the Eclipse Owner Portal. Unfortunately, many management companies do not make the extra effort to ensure delinquency procedures are followed. This can ultimately make it difficult to collect money owed to the association and unfairly shifts the burden to other owners. Eclipse will follow your established process or work with your legal counsel to develop a new process to ensure timely collection of all funds owed to the association.
Maintaining accurate records is made easier through our use of electronic filing, storage, and retrieval systems. All pertinent association records are scanned and cataloged to provide quick access to these references as it may be necessary. Robust cloud-based backup and security ensures that your records are always safeguarded from loss or unauthorized access.
Eclipse provides a robust online owner portal that allows owners to review or update information in real time. The portal also serves as the gateway for the board to access both personal and community information. The portal experience is provided to all associations without additional cost.
Operating and reserve funds shown separately
Budget to actual for the current period and year to date
Every account, with cash balances and statements
Contributions, spending and the reserve fund summary
Each delinquent account with status and next action
General ledger coding with the invoice image attached to each payable
Eclipse keeps complete cash-basis books for each association, separate from every other entity, with operating and reserve funds accounted for separately. Duties are separated: accounting staff enter data, the association manager reviews and approves invoices, and the Director of Finance, an IRS Enrolled Agent, and the President review the monthly close. Boards configure their own approval thresholds and sign off electronically, with dual approval above the threshold. Every entry, adjustment and approval is recorded with the user and timestamp. The association may engage any CPA it chooses for a compilation, review or audit, and we cooperate fully.
Each year we prepare a draft operating and reserve budget with written assumptions and a recommended assessment. Every line is forecast from a documented source: current-year actuals, prior-year history, vendor contracts and renewal quotes, insurance renewals and utility trends. The board receives a memo explaining each change from the current year and the reasoning behind the recommended assessment, so trustees see why a number moved before they are asked to approve it. Once adopted, we load the budget, generate the new-year assessments, send owners the notices your documents require and post the approved budget to the owner portal.
Board access, data ownership and the safeguards around your records are described on our Association Management page.
Eclipse makes it easy to transition to our management services. Through over 150 successful transitions we have refined a clear pathway to make the process as smooth as possible. We provide a dedicated transition manager that works to ensure everything is on track and moving forward.
Our team stands ready to support your community association. Reach out to us to explore what it’s like to be a community that eclipses the rest..