Operating Budget
- Preliminary meeting to determine budget goals and objectives
- Maintain historical data on utility consumption
- Review current years' expenditures for comparison with budget allocations
- Provide comparison information from similar properties
- Obtain rate projections from suppliers and vendors
- Prepare draft for board review and revision
- Prepare a budget with assessment rates for owners w/coupons for payment
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Financial Statements
- Itemization of revenue and expense categories
- Comparative P&L variance for current month and ytd
- Full balance sheet
- Delinquency list with up-to-date reference on action taken
- General ledger
- Check Register
- Reconciliation of bank accounts prior to statement preparation
- Mailing to board within 15 days
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Assessment Collection
- Automatic 30 and 60 day letters to delinquent accounts
- Individual follow-up phone calls where needed
- Board authorized late fees and fine system
- Coordination with attorney for lien filing, judgments and foreclosures
- Recommendations to board on handling of any unusual circumstances
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Accounts Payable
- Cash management to maximize return on association funds
- Approval of invoices before disbursement
- Expenditures coding for tracking budgets
- Maintaining accounts payable files
- Audit trail approved by experienced association auditors
- Preliminary and follow up meetings with board auditor
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Tax Returns and Financial Correspondence
- Annual Secretary of State for filing for corporations
- Assist in filing state and federal income tax returns
- Tax and financial correspondence
- Maintenance assessment certifications for closings
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Payroll Administration
- Payroll for employees
- Employee health insurance program and payments
- Maintain payroll records in accordance with state and federal law
- Quarterly tax reporting
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Financial Account Maintenance
- All association funds are maintained in FD1C insured accounts
- Restricted reserve accounts board documented authorization for transactions
- Excess funds maintained in accounts to maximize earnings for the association
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Meeting Coordination
- Attend all board meetings
- Prepare and distribute meeting minutes
- Written management reports and a management presentations
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Administrative
- Maintain association records, owner registries, minute books and non-current records
- Handle owner disputes and recommendations to board for precedent setting decisions
- Prepare new owner welcome packages
- Property survey information for lenders seeking FNMA and/or GNMA approval
- Provide closing attorneys with prorations and other association required collections
- Prepare and distribute association bulletins and newsletters
- Assist board appointed committees in the performance of their duties
- Assist the board in taking necessary steps to comply with local, state, and federal laws
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Insurance Administration
- Initiate Board authorized properly replacement cost appraisal
- Prepare association documents and advise on coverages
- Work with insurance committee and board in obtaining proposals
- Make recommendation on insurance renewal
- Coordinate insurance certificates
- Handle association insurance claims and coordinate with owners |
On-site Supervision
- Day to day supervision and guidance for on site maintenance personnel
- Written inspection reports on visits for use in management reports
- Employee training in job performance and safety precautions
- Coordination for capital projects and major improvements
- Supervision of contract services from outside vendors
- Purchase of materials and supplies using our bulk buying power
- Assist building and/or ground's committee |
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