This Option is ideal and designed for small Condominiums and Home Owners Associations with 100 or less units and with limited income due to their size and scope of works needed to sustain the institution. Normally, due to the size, the Association’s daily affairs are undertaken by the Board of Directors, while leaving the door open to upgrade to the Gold Option.
The Manager shall provide the services described as follows:
1. Financial Services: The Manager will establish an accounting system and provide financial management services to the Association as follows:
- Annual Budget
- Owner monthly statements indicating current balance, late fees, etc.
- Monthly report of delinquency notices, liens, and attorney’s progress
- Monthly Balance Sheet (Interim/Unaudited)
- Monthly Operating expense analysis
- Monthly report of accounts receivable balances (Aging)
- General Ledger
- Monthly payroll register, if applicable
- Budget to Actual Report
- Year-end statements for distribution to all owners
- Income tax preparation to assist the association’s CPA
- Reconciled bank statement(s)
- Cash receipts
- Accounts payable report
- Year-End Statements & Taxes (Prepared by Certified Public Accountant)
- Collection of Assessments
- Disbursements and Payments to Vendors
- Insurance The manager would solicit and analyze bids for necessary insurance coverage to the extent obtainable, with insurance carriers selected by the association, in such amounts as the Association shall designate in writing.