Association Financials. RGI has a staff accountant, plus support bookkeeping staff. It is our standard procedure to provide to our associations complete financials on a monthly basis. This includes balance sheets, income/expense statements and AR/APs...plus we usually send the Treasurer a complete financial package, showing all of the details. We work with two outside firms to review our work to make sure that it is as accurate as possible. This is included in our monthly fee. However, we do not provide year-end audits or tax filings, this is done by our outside accounting firms and is charged to the association.
Frequency of Reports. As was mentioned above, RGI provides a monthly financial statement to all of its associations. Providing the annual report in the annual convention booklet would not be any problem. In fact, some of our associations have us print a separate annual report for their membership.
Income and Expense Responsibility. RGI is bonded and is responsible for all of the monies of its associations. We keep very detailed records on all expenses and revenues of each association. Also, no monies are ever co-mingled and each association has its own bank account(s). Checks are usually prepared and signed by the president of RGI on a bi-weekly basis, but RGI is willing to work within whatever system the association's board wants to establish.
Budget Preparation. RGI usually helps prepare the budgets, in conjunction with its associations' boards or budget committees.
Investments. RGI will abide by any directive the association's board may have in regard to the association's investments. As stated above, all of this will be reported on a monthly basis to the board.
Credit Card Processing. RGI is currently able to provide credit card processing for all of the major credit card brands (Visa, MasterCard, American Express, Discover, etc.).
Fiduciary Responsibility. For all of our clients, we manage all of the collection, disbursement and investment of the associations' monies. We use a local bank (Bank of Blue Valley - Mike Cooney, Senior Vice President - 913.338.1000) for our checking and money market accounts. We have found that when RGI is given the responsibility of handling all of the financial needs of the association (with proper oversight by the volunteers of the association) the operation of the association moves more smoothly. However, RGI will adapt its procedures to fit the wishes of the client.