Accounting

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.

Payroll

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.

Audits

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 federal laws.

Payables & Receivables

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.

Standards & Procedures

Careful financial 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.

Insurance Portfolio Management

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 each site.

Support for Asset Management

We provide 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.