Financial Management

At the core of any business relationship, clients need to have absolute confidence that management acts soundly and ethically when handling their financial affairs.

Without a foundation of fiduciary trust, a true partnership does not exist. In this regard, Bostrom has a sterling reputation for quality, honesty and propriety. Specifically, our competence in this area is so strong, that after more than 80 years in the association management business, we never have received an audit letter identifying irregularities in the handling of clients’ funds. We are proud of this fact.

All Bostrom clients receive Treasurer training at Bostrom’s expense to ensure the incoming Treasurer has a full understanding of the processes, procedures, and financial statements. This has been an invaluable service to all of the client boards we serve.

Other services in this area include:

  • Maintain all financial records in accordance with established accounting principles and applicable IRS regulations
  • Establish and maintain bank accounts with up-to-date signature cards
  • Deposit incoming checks and reconcile credit card payments processed
  • Issue checks twice a month; work with Treasurer to review and approve invoices and set policies
  • Reconcile monthly bank, merchant account, investment and credit card statements
  • Provide monthly financial reports
  • Assist the independent CPA in the annual audit and tax filings
  • Assist in preparing an annual budget
  • Supervise preparation of tax returns and related statements
  • Assist the Treasurer in the budget development

When DONA International sought the services of Bostrom, our organization was in dire financial straits. Bostrom succeeded in helping us to establish a working budget with short- and long-term goals and to stick with it. Within a very short time, our financial situation was much improved; we could breathe a sigh of relief and look forward to moving forward with confidence

Sunday Tortelli

President, DONA International