Our central office
personnel are bookkeeping and accounting professionals. Site managers
make bank deposits on a daily basis to the project Operating Account
during rent collection periods and promptly record rent payments
manually and electronically. Security deposits, reserves, and
special accounts are banked separately when required by mortgagee
or other authority.
Site employee payroll
and benefit accounting is administered through our payroll department.
Our payroll professionals handle all required reports to state
and federal agencies on behalf of our clients.
CHMS maintains a
general ledger accounting system that consistently meets the requirements
for government audits by independent auditors. Standard government
charts of accounts are maintained, along with special accounts
for individual properties. Each year independent contractors that
are not corporations are sent 1099’s in compliance with
We utilize invoices
for payment control and separate deposit and rent receipt systems
for income control. Bank statements are reconciled each month
to verify checkbook balances. CHMS maintains the ability to use
a purchase ordering system to meet the preferences of owners.
Various reports are available upon owners or sponsors request,
i.e. invoices by vendor name, open invoices, aged invoices or
vouchers, accounts receivable, accounts payable, and expense distribution.
management is our modus operandi. Our procedures include paying
all payroll and payables from our central office with the enhanced
security of multiple signatures. Payments for goods and services
require the approval of the property supervisor.
We pride ourselves
on maintaining quality insurance coverage for our managed properties.
We employ a Risk Management Coordinator to ensure fire, hazard,
and property liability. Insurance requirements are tailored to
for Asset Management
financial information and reports, allowing owners to focus on
asset or portfolio management. We perform cost analysis and tradeoffs
leading to recommendations for property improvements or financing
options that benefit both owners and residents.