The Cornu Management Accounting Department is staffed by experienced, long-term employees that process and report on activities for over 3,500 subsidized units per month.
At the heart of the accounting department are the A/P and A/R Processors, who are responsible for posting tenant and subsidy receipts and vendor payments efficiently and accurately. Each Processor is assigned to specific properties for both A/P and A/R to promote a sense of ownership and overall understanding of the property. In addition to providing quality assurance to the department, the Processing Manager reviews accounts receivable on an ongoing basis and is responsible for working closely with her staff on cash management and payables.
Property Accountants manage the general ledger, producing monthly financial packages that include current month and YTD data compared to prior year and budget/projection. Property Accountants are the main liaison between the properties and regulatory agencies, monitoring capital spending and related reimbursements, tracking mortgages, and ensuring that budgets are submitted to Owners and the agencies on deadline. In addition, Property Accountants run the audit process and produce quality workpapers that ensure timely submission of signed audits.
Professional Training & Certification
All members of the accounting department must be familiar with the property management software used by the group and are required to attend in-house training. As needed, individuals attend outside training to hone specific skills on the software to meet developing needs.
Property Accountants and the Chief Financial Officer attend workshops offered by regulatory agencies such as MHFA and MHIC to remain current on procedures, deadlines, and requirements for processing and reporting.
The Chief Financial Officer, a Certified Public Accountant, is required to attend 80 hours of continuing professional education every two years. In addition, the CFO must maintain certification in Low Income Housing Tax Credit Compliance (TaCCs).
Financial Reporting
Liz Lawrence, CPA, MS/MBA, is our Chief Financial Officer and leads our financial services programs. Utilizing leading edge Timberline software, we deliver timely, high quality reports customized to client specifications. We also offer complete customization to meet both property management and asset management needs. Reporting and analysis highlights include:
- The Executive Summary provides a concise overview of monthly and year-to-date operating statement activity, including variance to budget and projection. A narrative is provided that summarizes significant issues in the financial statements and material variances are explained in detail.
- A detailed Income Statement is provided for those who desire to drill down. Our more detailed analytical work includes specialized analyses for unusual events as well as sustained cost increases. Certainly, last winter's gas experience created a whole new way of looking at the projected costs and benefits of locking in at fixed prices for longer periods of time. With utilities making up 15-20% of many operating budgets, utility analysis is a prime focus for the organization.
- Other components of monthly reporting include: a Balance Sheet with comparison to prior year ending, accounts payable aging, cash disbursements, tenant and subsidy accounts receivable summary with collection status, vacancy summary, and bank statements with reconciliations. Bank reconciliations are performed during the first few days of the month due to our direct on-line banking link.
- Detailed workpaper packages are prepared at year end and reconciled to all material accounts in order to minimize audit costs. Our staff works closely with the auditors throughout the year to ensure that the needs of the client are being served and that accurate reporting is an ongoing function.
- The overall system provides generally accepted accounting and fiscal controls and procedures in the areas of payroll, purchasing, accounts payable, accounts receivable, inventory and budgeting.