Community Association Management Services
Managing the Physical Assets of an HOA
A key component of management is making sure you have the right contractors and vendors working for you. Our experience and size assures the Association that they will have quality work completed at a reasonable price. The Association Manager's services include:
- Contracting for and supervising all services including, but not limited to, common area landscape maintenance, spray and fertilizer programs, street cleaning, snow plowing, fire hydrant inspection, exterior lighting, building component maintenance, etc.
- Regular inspections of the physical aspects of the development to assure that quality and service to homeowners is maintained.
- Schedule development for physical asset replacement, coupled with a reserve study showing the Board the financial resources that will be necessary in the future to maintain the quality of the project. Using this study, the Board can make informed decisions on how best to manage assessments for future improvements and replacements.
In addition to the financial reports, our clients receive:
- A summary of reserve balances with supporting statements from financial institutions;
- A letter reviewing any unusual or higher-than-normal operating expenses or budget variances and information about any item the Board should or would like know;
- A package of all the original invoices paid in the previous month.
Financial and Accounting HOA Management Services
One of the greatest exposures to a volunteer Association Board of Directors is the proper accounting for and application of homeowner assessments. Ongoing operations must be realistically appraised and budgeted, cost-efficient changes need to be identified and considered and long and short-term maintenance and replacement reserves should be funded to prevent financial hardship on the members and necessity of "special assessments."
As Association Managers, we address these issues. In addition, we provide monthly detailed financial reports to the Board.
The financial component of association management includes:
- Billings, collecting and accounting for all member assessments (quaterly or monthly, as preferred);
- Assure proper accounting of assessments upon closing of home sale;
- Preparation of annual financial summary, budget and operating projections for Board consideration, input and approval;
- Verification and payment of all invoices on behalf of the Association;
- Assist with the timely and accurate preparation of the Association's annual tax return;
- Invest, as directed by the Board, all reserve replacement and excess funds into interest bearing accounts which accrue to the benefit of the Association;
- Preparation and distribution (as direceted) of detailed monthly financial statements. These statements, among the best in property managment, include listings of:
- The prior month's assessment collections
- A schedule of individual disbursements by vendor, category and amount
- A budget variance report, both for month-to-date and year-to-date
- Any unpaid assessments, by homeowner
- Trasfers to or from the reserve accounts
Membership and Board Communication/Management Components
Communication is perhaps as critical to good Association management as are maintenance and accounting. To create the most open dialogue, our Association Manager will:
- Attend and assist in the planning of all Board Meetings as requested. Mail minutes to all Board members, produce a quaterly newsletter to all residents drawn from information provided by and as directed by the Board.
- Serve as liasion between homeowners and the Board; respond to complaints and Association rule violations in a prompt and professional manner. On behalf of the Board, mail appropriate cards acknowledging deaths, successes, etc.
- Mail welcome letter packet to all new homeowners, including homeowner roster, CC&R's, By-laws, current newsletter, Board members and our position as a contact and resource.
- Assist in the preparation and distribution of reports, information, minutes and other materials.
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