Professional Financial Services & HOA Accounting in Santa Rosa, California
Expert association accounting and financial management for Sonoma County HOAs
Transparent financial management and association accounting services that give boards and homeowners complete visibility into their community’s finances. We handle assessment collection, accounts payable, reserve tracking, budget preparation, and annual financial reporting in compliance with Davis-Stirling requirements.
BBB A+ Rated | ✓ CCAM Certified Manager | ✓ 30+ Years Experience | ✓ 45+ Associations Managed
Book a Free Consultation
Talk directly with a certified community manager today and get expert guidance tailored to your HOA or rental property needs.
Financial Services & HOA Accounting
Santa Rosa’s Trusted HOA Financial Management Partner
Sound financial management is the foundation of every successful homeowners association. Without accurate accounting, transparent reporting, and proper reserve funding, even well-intentioned boards struggle to maintain property values, fund necessary repairs, and avoid special assessments that shock homeowners with unexpected costs.
Premier Property Services provides comprehensive financial management and association accounting services for Sonoma County HOAs—from small condominium associations to large planned unit developments. Since 2020, we’ve managed finances for 45+ associations across Sonoma, Marin, and Napa counties, maintaining the highest standards of accuracy, transparency, and compliance with California’s Davis-Stirling Act.
Formed through the strategic merger of two well-established North Bay property management firms, we bring over 30 years of combined experience in association financial management. Our financial specialists understand the unique accounting requirements of California common interest developments—separate reserve accounts, assessment collection procedures, annual disclosure requirements, and reserve study compliance.
Our Santa Rosa headquarters at 1451 Guerneville Road means we’re local and accessible when boards need financial guidance or homeowners have account questions. Unlike large corporate management companies where financial questions get routed through call centers, our clients have direct access to experienced financial specialists who know their community’s finances intimately.
Our president, Chelsea Draper, holds the Certified Community Association Manager (CCAM) designation from the California Association of Community Managers. This certification requires extensive education in association financial management, California HOA law, and ethical accounting practices. Combined with our active memberships in Community Associations Institute (CAI) and Educational Community for Homeowners (ECHO), we stay current with evolving financial standards and legal requirements affecting HOA finances.
We’re proud to maintain an A+ rating with the Better Business Bureau, reflecting our commitment to ethical financial practices, accurate accounting, and transparent communication with boards and homeowners. When you work with Premier Property Services, you’re partnering with professionals who treat your association’s finances with the same care and accuracy we’d demand for our own communities.
Whether your association needs full-service financial management or specific accounting services to supplement volunteer efforts, we provide customized solutions that protect your community’s financial health while giving boards and homeowners complete visibility into how assessment dollars are collected and spent.
Financial Services & HOA Accounting
Comprehensive Financial Services for HOA Boards
Complete financial management services designed specifically for California homeowners associations of all sizes.
Assessment Collection & Accounts Receivable Management
Consistent assessment collection is essential for funding association operations and avoiding cash flow problems that force special assessments or deferred maintenance. Our systematic collection processes maximize on-time payments while treating delinquent homeowners fairly and following California’s strict legal requirements.
Monthly Assessment Billing:
Automated Billing Systems:
We generate and distribute monthly assessment invoices to all homeowners showing current assessment amount, due date, previous balance (if any), late fees assessed (if applicable), year-to-date payment summary, and convenient payment methods. Automated systems ensure consistent, timely billing that homeowners expect.
Multiple Payment Options:
Homeowners pay assessments through online portal via bank transfer (ACH) or credit card, automatic recurring payments (scheduled once, process monthly), check payments mailed to lockbox or office, or in-person payments at our Santa Rosa office during business hours. Convenient payment options improve on-time payment rates.
Payment Processing & Posting:
All payments are posted to homeowner accounts within one business day of receipt, properly allocated between regular assessments and special assessments if applicable, credited against any outstanding balances or late fees, and confirmed through online portal access where homeowners can verify payment posting.
Delinquency Management:
California Civil Code §5650-5730 establishes strict procedures for collecting delinquent assessments. We follow compliant processes protecting your association’s legal position:
Courtesy Reminders:
When assessments aren’t received by the due date, we send courtesy reminder notices before late fees apply, contact homeowners by phone or email to verify they received billing, and offer payment arrangements for homeowners experiencing temporary hardship.
Late Fee Assessment:
After grace periods specified in CC&Rs and California law, we assess late fees per association’s policy (complying with Civil Code limits), clearly document late fee charges on homeowner accounts, and provide statements showing assessment amount, late fees, and total balance due.
Pre-Lien Collection Procedures:
For continuing delinquencies, California law requires specific notices before lien recording:
30-Day Pre-Lien Notice (Civil Code §5660):
We send required notice giving homeowner 30 days to request dispute resolution, explaining homeowner’s right to dispute resolution before lien, providing contact information for dispute resolution services, and documenting proper service of notice.
Individual Account Statements:
We provide itemized statements showing all assessment charges, payments received, late fees and interest, collection costs, and total amount due. Detailed statements are required by law and prevent disputes about amounts owed.
Payment Plans:
When homeowners request payment arrangements, we work with boards to establish payment plans for assessments and late fees, require agreement documentation, monitor compliance with payment schedules, and resume collection procedures if plans are violated.
Lien Recording & Legal Action:
For homeowners who don’t respond to collection efforts, we coordinate legal collection:
Assessment Lien Recording (Civil Code §5673):
When authorized by boards and after required pre-lien procedures, we prepare lien documentation with detailed accounting of amounts owed, record liens with county recorder, provide homeowner notice of recorded lien, and track lien amounts including assessments, late fees, interest, and collection costs.
Collection Attorney Coordination:
For significant delinquencies, we coordinate with collection attorneys specializing in HOA assessments, provide complete account documentation, assist with foreclosure proceedings when necessary (Civil Code §5700-5720), and track all collection costs for recovery from homeowner.
Foreclosure Procedures:
California allows associations to foreclose for delinquent assessments exceeding $1,800 or delinquent for at least 12 months. We coordinate judicial or non-judicial foreclosure procedures per California requirements, work with specialized HOA foreclosure attorneys, and provide all necessary financial documentation for legal proceedings.
Bankruptcy Notification:
When homeowners file bankruptcy, we immediately notify boards, cease collection actions as required by automatic stay, file proof of claim in bankruptcy proceedings, and monitor bankruptcy proceedings for discharge or payment plan approval.
Collection Reporting:
Boards receive detailed monthly collection reports showing total assessments billed and collected, accounts receivable aging (30, 60, 90, 120+ days), homeowners on payment plans, liens recorded and foreclosure actions, collection costs incurred, and success rates compared to previous periods.
Transparent collection reporting helps boards understand association financial health and make informed decisions about collection policies and potential bad debt write-offs.
Financial Services & HOA Accounting
Accounts Payable & Expense Management
Proper accounts payable management ensures vendors are paid accurately and timely while maintaining complete documentation of all association expenditures. Our accounts payable services provide financial controls that prevent unauthorized spending and create audit trails board members and homeowners can trust.
Invoice Processing:
Invoice Receipt & Verification:
All vendor invoices are received centrally at our office, logged immediately into accounting system with date, vendor, amount, and purpose, verified against approved contracts and purchase orders, checked for mathematical accuracy and proper coding, and queued for board review and approval.
Board Approval Process:
Board members access pending invoices through online portal, review detailed invoice information and supporting documentation, approve or question invoices before payment processing, and provide approval documentation for audit trail. Most associations establish approval thresholds—routine invoices under specified amounts (typically $500-1,000) are auto-approved per board policy, while larger or non-routine expenses require explicit board approval.
Payment Processing:
After board approval, we process payments promptly via check or ACH transfer per vendor preference, mail checks or initiate electronic payments, post payments to accounting records, code expenses to proper budget categories, and maintain complete payment documentation including invoices, receipts, and approval records.
Vendor Management:
Vendor Files:
We maintain complete vendor files including W-9 forms for tax reporting, current insurance certificates, contractor licenses and verification, contract agreements and terms, payment history, and contact information.
1099 Reporting:
For vendors requiring 1099 reporting, we track annual payments by vendor, prepare and file 1099-NEC forms by January 31 deadline, distribute copies to vendors, and provide documentation for association tax return preparation.
Vendor Inquiries:
When vendors have payment questions, we respond promptly with payment status, research and resolve payment discrepancies, provide copies of checks or payment documentation, and maintain positive vendor relationships that support association operations.
Expense Tracking & Budget Monitoring:
Budget Category Coding:
Every expense is coded to specific budget line items including landscape maintenance, pool service, insurance premiums, utilities (water, electric, gas, trash), management fees, legal fees, accounting fees, reserve contributions, capital improvements, and repairs and maintenance. Proper coding enables accurate budget tracking and financial reporting.
Budget vs. Actual Monitoring:
We continuously monitor actual expenses against approved budgets, alert boards when categories approach or exceed budgets, identify spending trends requiring attention, and provide recommendations for budget adjustments when necessary.
Purchase Order System:
For associations requiring additional financial controls, we implement purchase order systems where major expenses require advance authorization, purchase orders issued before work begins, vendors invoice against PO numbers, and payments matched to approved purchase orders.
Financial Controls:
Segregation of Duties:
Proper financial controls require separating responsibilities. In our system, different staff members handle invoice receipt and approval, payment processing, bank reconciliation, and financial reporting. This segregation prevents errors and fraud by requiring multiple people to handle financial transactions.
Dual Signature Requirements:
For associations requiring extra security, we coordinate dual signature requirements on checks above specified amounts, typically requiring one board member signature plus one management signature. While less common with electronic banking, some associations prefer this additional control.
Board Financial Review:
Monthly financial reports include detailed expense listings by category, vendor payment summaries, significant expense explanations, budget variance analysis, and year-to-date spending trends. Transparent reporting allows boards to monitor association spending continuously.
Financial Services & HOA Accounting
Reserve Fund Management & Reserve Studies
California law requires associations to maintain reserves for major component repair and replacement. Proper reserve management prevents special assessments that shock homeowners with unexpected costs while ensuring adequate funding for roofs, painting, pavement, and other expensive capital items.
Reserve Account Management:
Separate Reserve Accounts (Civil Code §5510):
California requires associations to maintain reserve funds in separate accounts from operating funds. We establish and maintain separate reserve bank accounts, transfer monthly reserve contributions from operating account, prevent commingling of operating and reserve funds, and maintain clear accounting separating reserve from operating funds.
Reserve Contribution Tracking:
Every month, we transfer budgeted reserve contributions from operating to reserve accounts, post contributions to reserve fund accounting, track actual contributions against reserve study recommendations, and alert boards if contributions fall short of recommended funding levels.
Reserve Fund Investment:
Reserve funds should earn interest while remaining accessible for capital projects. We coordinate with boards on appropriate reserve fund investments balancing safety and return including money market accounts, certificates of deposit, and treasury securities. California law restricts HOA investments to low-risk options prioritizing principal preservation.
Reserve Expenditure Management:
When capital projects funded by reserves are undertaken, we manage reserve fund expenditures:
Project Budget Tracking:
We establish project budgets based on reserve study estimates or contractor bids, track actual costs against budgets, alert boards to potential overruns, and provide project cost summaries throughout execution.
Reserve Fund Draws:
As project expenses are incurred, we draw from reserve funds per board approval, transfer funds from reserve to operating account for payment, document all reserve draws with project details, and maintain reserve fund balance tracking reflecting expenditures.
Reserve Fund Replenishment:
After major reserve expenditures, we work with boards to determine if increased reserve contributions are needed to rebuild reserves, adjust annual budgets to reflect revised reserve funding needs, and update reserve study projections based on actual project costs.
Reserve Study Coordination:
California Civil Code §5550 requires associations to conduct reserve studies at least every three years with annual updates between full studies. We coordinate your association’s reserve study compliance:
Reserve Study Provider Selection:
We solicit competitive bids from qualified reserve study providers, verify provider credentials and experience, review sample reports for quality and comprehensiveness, present proposals to boards for selection, and coordinate engagement of selected provider.
Site Visit Coordination:
We schedule reserve study provider site visits, provide property access and information about components, share historical maintenance and repair records, make board members or committee members available for interviews, and ensure provider has complete information for accurate analysis.
Reserve Study Review:
When draft reserve studies are delivered, we review reports for accuracy and completeness, verify component lists and conditions match property, check calculation methodologies, identify any questionable estimates or useful life projections, and present findings to boards with explanations.
Reserve Funding Analysis:
Reserve studies calculate recommended funding levels to maintain adequate reserves. We help boards evaluate funding options:
Funding Methods:
- Full Funding: Building reserves to 100% of recommended level
- Baseline Funding: Maintaining minimum levels avoiding special assessments for predictable expenses
- Threshold Funding: Building reserves to specific dollar or percentage targets
Funding Impact Analysis:
We calculate assessment impacts of different funding approaches, project future reserve balances under various scenarios, identify optimal funding strategies balancing current assessment impact with future financial security, and present clear recommendations to boards.
Annual Reserve Study Updates:
Between full studies, we coordinate annual updates reviewing component conditions for changes, adjusting cost estimates for inflation, updating remaining useful life calculations, revising funding recommendations, and ensuring continuous reserve planning compliance.
Reserve Disclosure Compliance:
California requires associations to provide reserve information to homeowners annually (Civil Code §5300):
We prepare required reserve disclosures including current reserve balance, recommended reserve balance per study, percent funded calculation, estimated special assessment likelihood, and summary of major upcoming expenditures. These disclosures, included in annual budget distributions, help homeowners understand their association’s reserve funding status.
Financial Services & HOA Accounting
Monthly Financial Reporting & Statements
Transparent monthly financial reporting gives board members and homeowners confidence in their association’s financial management. Our comprehensive financial statements provide clear visibility into income, expenses, reserve balances, and overall financial health.
Monthly Financial Statement Package:
Balance Sheet:
The balance sheet shows association assets, liabilities, and fund balances at month-end including operating account balances, reserve account balances, accounts receivable (assessments owed by homeowners), prepaid expenses (insurance, contracts paid in advance), accounts payable (bills awaiting payment), and total fund equity (operating and reserve). Balance sheets provide snapshot of association financial position.
Income Statement (Profit & Loss):
Income statements show all revenue and expenses for the month and year-to-date including assessment income collected, late fees and interest income, other income (facility rentals, violations fines), all operating expenses by category, reserve contributions transferred, net income or loss, and comparison to budget.
Budget vs. Actual Report:
This critical report compares actual income and expenses to approved budget showing budgeted amount for each line item, actual amount spent or collected, dollar variance (over or under budget), percentage variance, and year-to-date comparisons. Budget variance reports help boards identify spending issues and adjust operations.
Reserve Fund Report:
Separate reserve reporting shows beginning reserve balance, monthly contributions received, interest earned, expenditures for capital projects, ending reserve balance, and comparison to reserve study recommended balance.
Accounts Receivable Aging:
This report shows homeowners with outstanding assessment balances including current balance by homeowner, aging of balances (30, 60, 90, 120+ days), total association accounts receivable, collection actions taken or pending, and homeowners on payment plans.
Check Register:
Detailed listing of all checks written or electronic payments made showing payee, check number or transaction ID, date, amount, purpose/description, and budget category. Complete check registers provide transparency about all association expenditures.
Bank Reconciliation:
Monthly bank reconciliation verifies accounting records match bank statements showing bank statement ending balance, outstanding checks or deposits, reconciled book balance, and identification of any discrepancies. Proper reconciliation ensures accounting accuracy.
Financial Report Distribution:
Board members receive complete financial statement packages through online portal (immediate access), email (PDF delivery), or printed copies mailed (upon request). Statements are typically available within 7-10 days of month-end once bank statements are received and reconciled.
Homeowner Financial Transparency:
California law requires associations to make financial statements available to homeowners upon request (Civil Code §5200). We provide homeowner access to annual financial statements (upon request or via online portal), individual homeowner account statements showing assessment payment history, special assessment allocations, late fees, and current balance.
Financial Analysis & Commentary:
Monthly financial reports include narrative commentary explaining significant budget variances, one-time or unusual expenses, collection issues or concerns, reserve expenditures, and overall financial health observations. This context helps board members understand financial reports and make informed decisions.
Quarterly Financial Reviews:
Every quarter, we provide more detailed financial analysis including year-to-date financial performance summary, projection of year-end financial position, reserve fund adequacy assessment, accounts receivable collection effectiveness, and recommendations for budget adjustments or operational changes.
Year-End Financial Statements:
Annual financial statements provide comprehensive year-end reporting including complete income statement for fiscal year, year-end balance sheet, reserve fund activity summary, annual budget comparison, and documentation prepared for CPA review, audit, or tax preparation.
Financial Services & HOA Accounting
Annual Budget Preparation
California law requires HOA boards to adopt annual budgets and distribute them to homeowners with detailed financial disclosures. Our budget preparation services help boards develop realistic budgets that adequately fund operations and reserves while minimizing assessment increases.
Budget Development Process:
Historical Analysis:
Budget preparation begins with analyzing prior year actual income and expenses, identifying spending trends and patterns, evaluating budget accuracy (variances), reviewing major expense changes or one-time costs, and understanding seasonal spending variations.
Expense Projection:
We project next year’s operating expenses category by category:
Fixed Expenses:
Insurance premiums (obtain renewal quotes), management fees (per contract), utilities (analyze usage and rate trends), loan payments (if applicable), and other contractual obligations.
Variable Expenses:
Landscape maintenance (anticipate vendor rate increases), pool service and chemicals, repairs and maintenance (evaluate historical needs), legal fees (estimate based on trends), reserve contributions (per reserve study), and contingency allocations for unexpected costs.
Vendor Cost Increases:
We contact major vendors for renewal pricing, estimate cost inflation for variable services (typically 3-5% annually), identify any significant cost increases requiring board attention, and negotiate favorable terms where possible.
Capital Projects:
We incorporate planned capital expenditures funded from reserves, one-time special projects requiring funding, deferred maintenance catching up, and major component replacement per reserve study schedule.
Income Projection:
Assessment Income:
We calculate assessment income required to cover projected expenses including total operating expense budget, required reserve contributions, less other income sources (late fees, facility rentals, interest), and divided by number of units for per-unit assessment.
Assessment Increase Analysis:
When expense projections exceed current assessment income, we calculate required assessment increase in dollar and percentage terms, explain necessity for increase (cost inflation, reserve funding, specific needs), compare to historical increases, and evaluate reasonableness relative to comparable communities.
Alternative Scenarios:
We may present multiple budget scenarios including status quo funding (current assessment rates), adequate funding (covering all projected needs), enhanced funding (accelerated reserve accumulation), and reduced services (if assessment increases are unacceptable).
Reserve Funding Integration:
Reserve contributions are incorporated into annual budgets based on reserve study recommendations, evaluation of current reserve funding adequacy, major upcoming capital projects, board reserve funding policy decisions, and assessment impact tolerance.
Draft Budget Presentation:
We present draft budgets to boards typically 60-90 days before fiscal year-end including complete line-item budget detail, narrative explanations of significant changes, assessment increase recommendations and justification, reserve funding analysis, multi-year financial projections, and comparison to prior year budgets.
Board Budget Review:
Boards review draft budgets in budget workshops or regular meetings where we answer questions about specific line items, explain expense projections and assumptions, discuss alternative budget scenarios, receive board input and direction, and revise budgets incorporating board decisions.
Final Budget Adoption:
After board review and revision, we prepare final budgets for formal board adoption including resolution adopting annual budget, assessment rates for coming year, effective date of new assessments, and authorization for distribution to homeowners.
Homeowner Budget Distribution (Civil Code §5300):
California requires detailed budget information be distributed to homeowners 30-90 days before fiscal year start:
Budget Summary:
We prepare homeowner budget packages including complete income and expense budget, per-unit assessment amounts (regular and special), comparison to prior year budget and actual, reserve funding disclosure, estimated special assessment likelihood, and Board-approved summary narrative.
Required Disclosures:
Budget distribution must include reserve funding disclosure (percent funded, recommended vs. actual), deferred maintenance disclosure (unfunded or deferred projects), insurance coverage summary, assessment collection policies, and other required California disclosures.
Distribution Methods:
Budget packages are distributed via postal mail to all homeowners, email (for homeowners providing email consent), online portal posting, and delivery at annual member meeting (if timing aligns).
Mid-Year Budget Adjustments:
When circumstances change significantly during the year, we work with boards to prepare revised budgets including supplemental budget adoption, assessment adjustments if required, homeowner notification of changes, and amended annual disclosure distribution.
Financial Services & HOA Accounting
Tax Preparation Support & IRS Compliance
Homeowners associations are corporations that file federal and California tax returns annually. While we don’t prepare tax returns (CPAs handle actual tax preparation), we provide complete financial documentation and support making tax preparation efficient and accurate.
Federal Tax Return Support:
Most HOAs file IRS Form 1120-H (simplified HOA tax return) or Form 1120 (corporate return). We provide:
Complete Financial Records:
Year-end income statements, balance sheets, detailed general ledger, reserve fund activity, interest income documentation, and any taxable income sources.
1120-H Qualification Support:
Form 1120-H is available to HOAs meeting specific requirements including 60% or more of gross income from member assessments, 90% or more of expenditures for management/maintenance of association property, and no income from non-member sources. We help CPAs verify 1120-H eligibility.
Form 1120 Support:
For associations not eligible for 1120-H or choosing standard corporate return, we provide complete income and expense documentation, depreciation schedules for assets, capital project documentation, and any other information CPAs require.
1099 Form Preparation:
We prepare and file 1099-NEC forms for vendors paid $600+ annually including contractor payments, legal fees, accounting fees, management fees (if applicable), and other reportable payments. Vendors receive copies by January 31 deadline, and forms are filed with IRS.
California Tax Return Support:
California HOAs file Exempt Organization Business Tax Returns (Form 199) or California Corporation Tax Returns (Form 100):
Form 199 (Exempt Organization):
Most HOAs qualify for California tax exemption and file Form 199 annually. We provide complete financial information CPAs need for Form 199 preparation and verify association maintains exempt status requirements.
Form 100 (Corporate Return):
Associations with significant business income or not qualifying for exemption file Form 100. We provide complete documentation for corporate return preparation.
CPA Coordination:
We work closely with your association’s CPA or tax preparer:
Information Requests:
We respond promptly to CPA information requests, provide additional documentation as needed, explain accounting treatment of specific items, and answer questions about association operations or finances.
Tax Filing Deadlines:
We track tax return deadlines (typically March 15 for calendar year HOAs, or 15th day of 3rd month after fiscal year-end) and ensure CPAs receive information well in advance of filing deadlines.
Extension Coordination:
When extensions are necessary, we coordinate with CPAs to file extension requests and provide final documentation before extended deadlines.
Tax Return Review:
We review completed tax returns before filing for obvious errors, verify financial figures match our records, and confirm required schedules and forms are included.
Tax Planning:
We assist boards with basic tax planning including understanding taxable vs. non-taxable income, proper handling of interest income, documenting reserve fund expenditures, and maintaining compliance with HOA tax exemption requirements. Complex tax questions are referred to qualified CPAs or tax attorneys.
IRS Correspondence:
When associations receive IRS notices or correspondence, we assist boards by reviewing IRS notices with boards, coordinating with CPAs to respond appropriately, providing documentation IRS requests, and tracking resolution of IRS inquiries.
State Franchise Tax Board:
We provide similar support for California Franchise Tax Board notices, correspondence, and information requests.
Tax Compliance Documentation:
We maintain complete tax compliance records including filed tax returns (federal and state), 1099 forms issued, extension filings, IRS and FTB correspondence, and tax payment documentation.
Financial Services & HOA Accounting
Annual Financial Review & Audit Coordination
California law requires associations with annual revenues over specific thresholds to obtain financial reviews or audits. We coordinate these independent financial examinations ensuring associations meet compliance requirements.
California Financial Review Requirements (Civil Code §5305):
Associations must obtain annual financial reviews based on revenue thresholds:
Review Requirements:
- Associations with annual gross revenue of $75,000-$500,000: Annual review by CPA required
- Associations with annual gross revenue exceeding $500,000: Annual audit by independent CPA required
- Associations with revenue under $75,000: No review or audit required unless CC&Rs mandate
These thresholds adjust periodically for inflation per Civil Code provisions.
Financial Review Process:
Annual reviews (less extensive than audits) involve CPA evaluation of financial statements:
CPA Selection:
We help boards solicit proposals from qualified CPAs experienced in HOA reviews, compare CPA qualifications and fees, and coordinate engagement of selected CPA firm.
Document Provision:
We provide CPAs with complete financial records including general ledger detail, bank statements and reconciliations, invoices and receipts, assessment collection records, reserve fund documentation, vendor contracts, and any other requested documentation.
CPA Inquiries:
We respond to CPA questions during review, provide explanations of accounting treatments, clarify transaction details, and supply additional documentation as requested.
Review Report:
CPAs issue review reports expressing limited assurance that financial statements are fairly presented. Reviews identify significant accounting issues but don’t provide audit-level assurance.
Annual Audit Process:
Audits (required for larger associations) involve more extensive CPA examination:
Audit Engagement:
We coordinate with boards to engage qualified audit firms, provide engagement letters for board execution, and schedule audit timing and fieldwork.
Audit Preparation:
We prepare association records for audit including reconciling all accounts, organizing source documentation, resolving any accounting questions, and preparing preliminary financial statements.
Audit Fieldwork:
During audit fieldwork (typically 2-5 days depending on association size), we provide auditors office access, respond to information requests, locate requested documentation, and coordinate with bank and vendors for confirmations.
Audit Findings:
Auditors may identify findings requiring management response or correction including accounting errors, internal control weaknesses, compliance issues, or procedural recommendations. We work with boards to address all audit findings.
Audit Report:
Auditors issue formal audit reports including audited financial statements (balance sheet, income statement), notes to financial statements, independent auditor opinion, and any management letters identifying concerns.
Board Presentation:
We present audit results to boards explaining audited financial statements, discussing any findings or recommendations, presenting management responses to concerns, and answering board questions.
Homeowner Distribution:
Completed reviews or audits must be distributed to homeowners within required timeframes (typically within 120 days of fiscal year-end):
We distribute review/audit reports via postal mail, email (for consenting homeowners), online portal posting, and availability at annual meetings.
Internal Control Evaluation:
Financial reviews and audits often include evaluation of association internal controls:
Control Recommendations:
CPAs may recommend control improvements including segregation of duties, approval processes, reconciliation procedures, or documentation requirements. We work with boards to implement recommended controls.
Fraud Prevention:
Strong internal controls prevent and detect fraud. We incorporate audit recommendations into our procedures strengthening financial controls and reducing fraud risk.
Compilation Services:
Smaller associations not requiring reviews or audits may request CPA compilation of financial statements for homeowner distribution. We coordinate compilation services and provide necessary financial information to CPAs.
Review/Audit Cost Management:
We help boards control review and audit costs through organized record-keeping reducing CPA time, prompt response to CPA requests, preliminary reconciliation and review before CPA engagement, and multi-year CPA engagement for relationship efficiency.
Financial Services & HOA Accounting
Why Sonoma County HOAs Choose Our Financial Services
Professional credentials, transparent reporting, and decades of experience managing association finances throughout the North Bay.
CCAM Certification & Professional Financial Expertise
Our president, Chelsea Draper, holds the Certified Community Association Manager (CCAM) designation requiring extensive education in association financial management, California HOA accounting requirements, budget preparation and reserve analysis, assessment collection and legal compliance, and ethical financial practices.
This specialized credential demonstrates expertise in the unique financial management requirements of California common interest developments—expertise general accountants or bookkeepers typically lack.
Professional Affiliations:
Our memberships in Community Associations Institute (CAI), California Association of Community Managers (CACM), and Educational Community for Homeowners (ECHO) provide continuous education on evolving financial standards, regulatory changes, best practices, and technology solutions improving association financial management.
Continuing Education:
We complete 12+ hours of continuing education annually including HOA financial management updates, California legislative changes, reserve study methodology, fraud prevention, and accounting technology training.
Technology & Financial Transparency
Modern accounting software provides board members and homeowners with unprecedented financial transparency:
Online Portal Access:
Board members access real-time financial information 24/7 including current account balances, recent transactions, budget vs. actual reports, accounts receivable aging, pending invoices for approval, and historical financial statements.
Homeowner Account Access:
Homeowners access their individual account information showing assessment payment history, current balance, payment due dates, special assessment allocations, and year-to-date payment summaries.
Automated Reporting:
Technology enables automated financial reports with current data, customizable report formats, drill-down capability for transaction detail, and export to Excel for additional analysis.
Cloud-Based Security:
Financial data is stored securely in cloud-based systems with daily backups, redundant servers preventing data loss, bank-level encryption, and restricted access controls.
Local Presence & Personalized Service
We’re headquartered in Santa Rosa at 1451 Guerneville Road—not a distant corporate office or outsourced accounting center. Board members and homeowners reach experienced financial specialists who know their community’s finances intimately.
Direct Access:
Financial questions receive prompt responses from knowledgeable staff during business hours (Monday-Friday, 9AM-5PM). Board members have direct phone and email access to financial managers—not generic call centers.
Personal Relationships:
We know your board members by name, understand your community’s financial history and challenges, and provide personalized guidance reflecting your association’s unique situation.
Local CPA Coordination:
We work with Sonoma County CPAs familiar with your association, coordinate in-person meetings when beneficial, and maintain relationships facilitating efficient tax preparation and audits.
BBB A+ Rating & 30+ Years Experience
Our A+ Better Business Bureau rating reflects ethical financial practices, accurate accounting, transparent reporting, and fair resolution of any concerns—critical when handling community funds.
Combined Experience:
Our team brings 30+ years of combined experience managing association finances including small condominiums to large planned developments, operating budgets from $50,000 to $500,000+ annually, reserve funds exceeding $1 million, and diverse California communities with unique needs.
Proven Systems:
Decades of experience have refined our financial management systems and processes ensuring accuracy, compliance, efficiency, transparency, and board confidence.
Financial Services & HOA Accounting
Financial Services Throughout Sonoma County
We proudly serve homeowners associations in Santa Rosa and throughout Sonoma County’s diverse communities.
Primary Service Areas:
Santa Rosa • Petaluma • Rohnert Park • Windsor • Healdsburg • Sebastopol • Sonoma • Cotati • Cloverdale • Guerneville
We Also Serve:
- Marin County associations (Novato, San Rafael, Mill Valley, Sausalito)
- Napa County communities (Napa, American Canyon, St. Helena, Calistoga)
Whether your association is located in downtown Santa Rosa or the hills of Sonoma wine country, we provide the same professional, accurate financial management services.
Financial Services & HOA Accounting
Types of Associations We Serve
Our financial services are tailored to association size, type, and complexity.
Small Associations (10-50 Units)
Small associations often have limited budgets requiring cost-effective financial services. We provide complete financial management at fees small communities can afford including assessment billing and collection, accounts payable and expense management, monthly financial statements, annual budget preparation, reserve fund tracking, and tax documentation support.
Medium Associations (50-150 Units)
Medium-sized associations require more sophisticated financial management including detailed budget monitoring, accounts receivable aging and collection procedures, reserve study coordination and funding analysis, quarterly financial reviews, and CPA audit coordination for associations exceeding revenue thresholds.
Large Associations (150+ Units)
Large associations often have complex finances including multiple bank accounts and funds, numerous vendors and contracts, substantial reserve funds, detailed budget categories, extensive homeowner account management, and sophisticated financial reporting requirements. Our systems handle association financial complexity efficiently.
Master Associations
Master associations governing multiple sub-associations require specialized accounting including separate sub-association fund tracking, inter-association expense allocation, consolidated financial reporting, complex assessment structures, and coordination with sub-association managers or boards.
Financial Services & HOA Accounting
Understanding Financial Management Fees
Financial management fees vary based on association size, service scope, and complexity. We provide customized proposals showing exactly what you’ll pay and what services you’ll receive.
Fee Structures:
Full-Service Management:
Financial services are typically included in full-service HOA management fees (typically 8-12% of annual operating budget or per-unit monthly fees). Full-service includes all financial services described above plus board meeting support, vendor coordination, and compliance oversight.
Financial Services Only:
Associations preferring to self-manage other aspects while outsourcing finances can contract for financial services only. Fees typically range from $150-500+ monthly depending on association size, transaction volume, and services required.
What’s Included:
- Assessment billing and collection
- Accounts receivable management
- Accounts payable processing
- Monthly financial statements
- Budget vs. actual reporting
- Reserve fund accounting
- Bank reconciliation
- Annual budget preparation
- Tax documentation support
- Online portal access (boards and homeowners)
- CPA coordination for reviews/audits
- Homeowner account inquiries
- 1099 preparation and filing
Additional Services:
Some services are typically billed separately including CPA review or audit fees (paid directly to CPA), reserve study preparation (paid to reserve study provider), legal fees for collection actions, and specialized financial consulting or forensic accounting.
Request a Customized Proposal:
Every association has unique financial management needs. Request a free proposal and we’ll review your association’s specific situation and provide detailed fee information customized to your community.
Financial Services & HOA Accounting
Frequently Asked Questions
Can you take over finances from our current manager mid-year?
Yes, we routinely handle mid-year transitions. We obtain complete financial records from your current manager, reconcile all accounts to verify accuracy, import data into our accounting system, verify homeowner account balances, and establish new banking and accounting procedures. Most transitions take 30-45 days for complete financial transfer.
Contact us to discuss transition: (707) 544-2005
Do you handle delinquent assessment collection?
Yes, our collection services follow California’s strict legal requirements including courtesy notices and payment plans, pre-lien notices per Civil Code §5660, lien recording when authorized, attorney coordination for significant delinquencies, and foreclosure coordination when necessary. We maximize collection success while treating homeowners fairly.
Can homeowners access their account information online?
Yes, homeowners access individual account information through our online portal including current balance and payment history, upcoming assessment due dates, online payment capability, special assessment allocations, and year-to-date payment summaries. Portal access improves transparency and reduces office calls about account status.
What accounting software do you use?
We use industry-leading HOA accounting software specifically designed for association management. Our software handles complex HOA accounting requirements including separate operating and reserve fund tracking, per-unit assessment billing, homeowner account management, budget vs. actual reporting, and California disclosure compliance.
Do you prepare our tax returns?
No, we provide complete financial documentation and support, but qualified CPAs prepare actual tax returns (Form 1120-H or Form 1120). We coordinate closely with your CPA, respond to all information requests, and review completed returns before filing. We also prepare and file 1099 forms for vendors as required.
How quickly do homeowner payments post to accounts?
Payments are posted to homeowner accounts within one business day of receipt whether paid online, by check, or in person. Online payments via ACH typically process within 1-2 business days. Homeowners verify posting through online portal access.
Can you create customized financial reports?
Yes, our accounting software generates various standard and customized reports. We can create reports tailored to your board’s specific needs including custom budget categories, multi-year comparisons, reserve fund projections, vendor spending analysis, or any other financial information useful for board decision-making.
Ready to Experience Professional HOA Financial Management?
Contact Premier Property Services today for a free, no-obligation proposal customized to your association’s financial management needs.
Contact Information
Call us directly : (707) 544-2005
Email our team : Inquiries@PremierPSInc.com
Visit our Santa Rosa office 1451 Guerneville Rd #220 Santa Rosa, CA 95403
Office Hours : Monday-Friday: 9:00 AM – 5:00 PM
Request Your Free Financial Services Proposal
What to Expect:
✓ Free consultation about your association’s needs
✓ Customized financial management proposal
✓ Transparent fee discussion
✓ No pressure or obligation
✓ Response within 1 business day
We’re Ready to Help With:
- Taking over from current manager or self-managed finances
- Delinquent assessment collection and recovery
- Reserve study coordination and funding analysis
- Annual budget preparation and homeowner distribution
- CPA audit or review coordination
- Financial cleanup and reconciliation
Explore Our Other Services
- HOA Management Services → – Full-service community association management for residential HOAs
- Commercial Association Management → – Management for office park HOAs and commercial property associations
- Property Management Services → – Residential rental property management
- Commercial Property Management → – Commercial rental property management
- Our Professional Affiliations → – CCAM certification, CAI, CACM, ECHO memberships
- About Our Team → – Meet Chelsea Draper and our financial management professionals
- Service Area → – Communities we serve throughout Sonoma, Marin, and Napa counties
Reviews
What Our Clients Say
Contact Info
Location
1451 Guerneville Road #220
Santa Rosa CA 95403
Phone
(707) 544-2005
Our Services
HOA Management & Property Management Services in Santa Rosa, California
HOA Management Services in Santa Rosa, CA
Dedicated Community Association Management for Sonoma County Homeowners
Managing a homeowners association requires expertise in California's Davis-Stirling Common Interest Development Act, financial management, vendor coordination, and community relations. Premier Property Services provides comprehensive HOA management to condominium associations, planned unit developments, and single-family home communities throughout Santa Rosa and Sonoma County. Our certified community managers attend board meetings, prepare agendas and minutes, coordinate annual elections, manage insurance renewals, enforce CC&Rs consistently, and serve as the primary point of contact for homeowner inquiries. We currently manage over 45 associations across the North Bay, from intimate 10-unit communities to larger developments with hundreds of homes.
Residential Property Management in Santa Rosa, CA
Full-Service Rental Property Management for North Bay Investors
Owning rental property in Sonoma County should build wealth, not consume your weekends. Premier Property Services handles every aspect of residential property management so you can enjoy the returns without the daily headaches. We market vacant properties across multiple platforms, show units to prospective tenants, conduct thorough screening, prepare lease agreements, collect rent, coordinate maintenance and repairs, conduct regular property inspections, and provide detailed monthly financial statements. Our property management services cover single-family homes, condos, townhouses, and small multi-family buildings throughout Santa Rosa, Petaluma, Rohnert Park, and surrounding communities. Whether you own one rental or a portfolio of investment properties, we deliver the same attentive, professional management.
HOA Accounting & Financial Services in Santa Rosa, CA
Transparent Financial Management That Keeps Your Association Compliant
Sound financial management protects your community's assets and ensures your association can meet its obligations today and fund future capital improvements. Our HOA accounting services include monthly assessment billing and collection, accounts payable processing, bank reconciliation, reserve fund tracking, delinquency follow-up, budget preparation, and financial statement preparation in formats that comply with Davis-Stirling requirements. Board members access real-time financial data through our secure online portal. We also coordinate annual audits or reviews with your CPA and assist with reserve study updates to ensure your community is planning appropriately for long-term maintenance and capital expenditures.
Where We Work
Service Areas
Sonoma County
Marin County
Napa County
Ready to Experience Professional HOA & Property Management?
Contact Premier Property Services today for a free, no-obligation proposal customized to your community or investment property. We'll show you how local expertise and personalized service make the difference.