Financial Management Services for Condominium Associations
Take Control of Your Association's Finances
At First Community Management, we provide two distinct service levels for associations in Chicago: Full-Service Association Management and Financial-Only Management. Our Financial Management Services are designed for condominium associations that self-manage daily operations but need expert financial oversight to ensure accuracy, compliance, and long-term financial stability.
With our team handling accounts receivable, payable, and reporting, your board can focus on managing the community—while we handle the numbers.
Our Financial Services at a Glance
Accounts Receivable
- Processing of homeowner payments via check, e-check, ACH, and credit card
- Automated assessment of late fees and collection notices
- Real-time ledger access for board members via our secure online portal
Accounts Payable
- Vendor invoice receipt, review, and timely payments
- Customizable invoice approval process
Comprehensive Reporting
- Monthly financial statements, including balance sheets and income reports
- Daily bank account reconciliation for accurate, up-to-date records
- Annual financial statements for unit owners
- CPA liaison services for seamless annual tax reporting
Flexible Support for Self-Managed Boards
Our Financial-Only Management Services go beyond number-crunching — it includes 24/7 access to our online portal, vendor management tools, and board member training. Optional add-ons include Capital Project Management, bulk umbrella insurance access, Licensed Community Manager support, 1099 preparation, and more.
Need more than just Financial Management?
If your board needs day-to-day operational support in addition to financial services, explore our Full-Service Association Management for complete community oversight.
Why choose First Community Management?
With decades of experience in Chicago’s condo association management industry, we have the expertise to guide your community through any financial challenge. Our proactive approach, technology-driven solutions, and personalized service ensure that your association’s finances are in good hands. Let us take the stress out of managing your community’s finances.