Jenark Accounting Software
Sadie
Jenark aligns with MRI's existing product set for the management of residential property portfolios, addressing the unique needs of community and homeowner associations by facilitating processes, operations, transactions, communications, accounting, administration, and reporting. The solution is used by hundreds of management companies and large self-managed communities, representing half a million residential units within the U.S.
"We're delighted to welcome Jenark to the family and further extend the footprint of our comprehensive, end-to-end MRI Living suite," says Patrick Ghilani, Chief Executive Officer of MRI Software. "With this strategic expansion we now serve over 16 million residential units worldwide, and we look forward to bringing the benefits of our scale and innovation to the Jenark users."
Ghilani adds: "We will continue to serve and support Jenark users without interruption, now and into the future. Furthermore, we will offer added value from the range of connected, complementary MRI and partner applications Jenark clients can leverage."
Maintaining complete, accurate, and timely association financials is a cornerstone of our firm. We produce all the necessary financial information your association will need to make sound financial decisions.
From developing pro-forma operating budgets to reserve funding, our firm has the resources to protect and maintain the financial health of your association. As part of our services we provide the following financial reports on both an interim and annual basis:
CFM was the first major community management firm in the country to install and operate the Jenark financial system. Since its installation in 1992, the system has become the standard for our industry. Jenark Business Systems of Rockville, Maryland a subsidiary of Core Logic developed the financial software program, Access. Written in Progress, it is a sophisticated, completely integrated system designed exclusively for the community and property management industry. The system is operated by CFM personnel and technically supported by Jenark. As a supplemental service, we offer real-time, on-line inquiry capability to our communities. The site-manager or a designated officer is able to access the system 24-hours a day, 7 days a week for virtually any financial information related to the community.
CFM Management Services maintains a full service accounting department and community services operation. Our accounting department segregates all Association funds, with accounts in the name of the Community.
CFM offers lock-box collection and direct debit service. Collection of fees is no longer just a routine procedure done by the managing agent; it is customer service to owners. We make the process easy for owners to pay their fees and retrieve outstanding balance information. We provide information to lenders and attorneys quickly, accurately and courteously. Delinquencies are closely monitored, and the collection procedure adopted by the community is closely monitored.
Locating the right person to talk to about a charge, to check on payment status or for resolving a problem can be an unpleasant experience. CFM has direct telephone lines to community service associates and a rapid response policy to correspondence, inquiries and disputes. Routine collection of fees and charges is handled in concert with the approved budget and the Bylaws of the Community.
The financial statements are prepared monthly on a modified accrual basis and reflect the activity on a monthly and year-to-date basis with a comparison to the budget. The statements include a general ledger, balance sheet, statement of operations, schedule of delinquencies, accounts payable and check disbursements report.
CFM staff works with the Board of Directors, On-site Manager and its committees to prepare an annual budget. The budget will set forth anticipated expenses (including funds required to maintain reasonable operating needs and reserves), assessments and contributions for the ensuing year, taking into account the general condition of the property.
CFM staff works diligently with the auditor selected by the Board of Directors to ensure all necessary information is at their disposal for the preparation of the annual audit and the appropriate federal and state tax returns.
CFM assists the Board and its committees in the preparation of an adequate budget for funding the Association's reserve requirements. This process is normally done in conjunction with the operating budget. We recommend the Board contract with a third party, professional engineer to prepare a comprehensive reserve study. This study should be updated every three to five years by a professional engineer, and CFM will assist the Board with the selection process, review of specifications, final product and meeting with the Engineer and Auditor.
Biweekly, our Payroll Service Provider (PSP) will disburse all wages and salaries, commissions and bonuses for all employees following federal, state and local wage and hour withholding tax and minimum wage regulations. We will abide by all local, state and federal laws, regulations and guidelines in administering the payroll for the condominium. CFM prepares and files all forms, reports and returns as required by law about unemployment insurance, workers' compensation insurance, withholding tax, social security and other similar taxes now in effect. All Association personnel will be reported under Association's Employer Identification Number and Worker's Compensation policy.
Offering a broad benefits package for employees is one of many methods we support to retain qualified staff. CFM offers its communities' employees excellent health, life and disability insurance programs.
Our Accounting/Bookkeeping services use the industry leading Jenark accounting software to provide comprehensive financials that are easy to understand. This information makes it convenient for the board of directors to track utility and maintenance costs to allow for more accurate budget planning as well as make better informed decisions regarding future projects.
We take accounting very seriously. Every withdrawal for your Associations bank account requires an actual invoice or other authorized form of back up as well as Board approval. All checks require two authorized signatures. Reserve Funds can only be withdrawn by approval and signature of the Board of Directors.
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For over 40 years, FirstService Residential has delivered full-service financial and accounting services to communities throughout the Twin Cities and greater metro area, providing vigilant oversight, reporting and a roadmap for their continued fiscal health.
Our financial team works closely with your townhome, condo or single-family homeowners association to perform a variety of financial activities including managing the budget, accounts payable and receivable, preparing all reports and required documentation, planning capital improvements and preparing for changing market conditions. We utilize the Jenark property management accounting software with real-time access to financial reports, work orders, service contracts, collections, banking statements and more, as well as a checks and balances system that ensures accuracy.
For additional assurance, our company is part of FirstService Corporation, a publicly held company (NASDAQ: FSRV; TSX: FSV) and therefore held to the highest standards of transparency, security and accountability and subject to Sarbanes-Oxley financial control requirements.
The experience, knowledge and professionalism of our personnel allows us to provide the best possible service for your community. We know exactly what needs done and how to do it. Our staff members, especially Managers, have years of experience and knowledge that is unsurpassed. At AMI, our Managers take pride in community association management, and they actively pursue designations beyond the C.A.M License. .
Top-Notch Service and Affordable Pricing
Because of our stature in the industry and reputation in the community, we are able to command the best prices and work with the top contractors. Most contractors are willing to offer their best prices and service to us because of our size and reputation and their desire to secure additional work with us. This negotiation advantage allows us to, in turn, provide only the best for our clients.. .
AMI uses the Jenark accounting system, which is the recognized leader for community association managers. This comprehensive system features built in audit functions and internal controls. We also have an arrangement for a web-based overlay system which provides unique interactive websites for individual clients.
In addition to providing clear communication, the system allows the Board to monitor things like violations, work orders, delinquencies and collections. Acting as an electronic reference manual, the system can be accessed by Board members to find answers to more than 200 common questions. With this system, association documents are also made available online.
For each account managed by AMI, there is an Assistant Manager as well as the designated Property Manager. Because Managers spend a considerable amount of time outside the office participating in on-site meetings and conducting inspections, having an in-office Assistant Manager is valuable. The Assistant Manager is someone who is familiar with the property, the Board and membership requirements, and he or she can address issues and concerns just as well as the Property Management.
With the electronic reference manual, all support personnel can take phone calls from homeowners and provide answers to virtually any questions that may arise. This ensures that owners are never forced to leave messages and wait for responses for extended periods. At AMI, we also have support staff members who answer phone calls, handle mailings and take care of other routine duties that do not need to be completed by the Property Management in Florida.
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