More about Financial Services

We are experts in financial systems and reporting and will make it simple and straightforward to know what is happening with the co-op’s money.

Resident Payment Options

Money In

Paying rent and fees owed to the co-op should be an efficient and transparent process. Our technology-based system allows the residents to see their payments online as soon as they are processed. We will provide training and orientation to residents so that residents are well-informed of their options and use the method that best meets their needs.

  • Residents may authorize their bank to pay their monthly payment via online bill pay at no fee.

  • Residents may authorize Common Good to automatically debit their account on an agreed upon date each month at no fee.Residents may log into the Common Good app on their phone or go to our website to pay via e-check. There is a $1.99 fee for this service, which Common Good will pay.
  • Residents that prefer to write checks may send one to a secured lockbox at no fee. Lockbox payments can be viewed online one day after they are received.
  • Residents can pay via credit card. The bank fee is 3.25%.

The late payment notification system will be decided by the board and we will implement that process with courtesy and respect. Notices may be emailed, sent through the app, or by the US Postal Service. Residents who fall behind in their payments will be reported to the board as part of the regular reporting.

Money Out

Payments made on behalf of the community should also be made in an efficient and transparent system. Common Good will ensure that proper controls are in place, that vendors are paid quickly and efficiently, and that reporting to the board will be accurate and timely.

Financial Reporting

Each month the board will receive a complete financial reporting package which assists them in seeing the current financial picture of the community.

The monthly package includes:

  • Rent rolls
  • Late Payment Report
  • Profit and Loss Statements Compared to Budget
  • Balance Sheet
  • Bank statements for all accounts
  • Copies of all invoices paid during the month
  • Notices of violations

This report bundle will be provided on a regular basis by the 10th of each month.

In addition, funding reports for the Capital Reserve Plan will be provided according to an annual Board Reporting Schedule that we will establish. Our goal is for board members to be able to easily see every dollar that came in and how it was spent without any extra digging or questions.

Notices of violations can also be included if requested.

Banking Integration

Our property management systems integrate directly with our banking partner to make the very best financial management and reporting available to you. This integration makes it possible for us to provide the very best service to the co-op board and community.