This option is for Associations with Boards of Directors that do not want, or have the time, to intervene in the running of the daily businesses of the Condominium or Home Owners Association and who try to avoid getting immersed in the stressful complexities of dealing with Management, Financial, Legal and interactions with the owners, vendors, renters, authorities, regulators, etcetera. This Option requires the most dedication and preparation to report monthly to the Board of Directors or the committee(s) designated to oversee the overall operations and supervision of the jobs contracted with us.
The Manager shall provide the services described as follows:
1. General Administration: The Manager will provide general administrative and management services to the Association, and will exercise proper liaison and supervision with respect to the Association’s matters to ensure proper operational management and maintenance, and to promote a meaningful Board/Resident/Agent relationship.
Among the activities and services provided are:
- Maintenance of Association Files
- Communications with Membership
- Association’s Website Maintenance
- Property Inspections
- Enforcement of Rules
- Assistance to Board of Directors
- General Membership Meetings
- All Repairs and Maintenance such as plumbing, landscaping, roofs repairs, gates keeping and software, and other
services, except security, is done by our Employees and hired State licensed and insured Contractors
- Medium Term Financing of Repairs in the event the Association would need and request it.
- Contact with State and County Authorities, including the Fire Department
- Assistance to Real Estate Brokers and Title Companies to expedite owners and lenders businesses.
- Assignment of Human Resources-at least four staff members-to the task of Managing the Condominium.
- Close Working Relationship with the Association’s lawyer in ALL matters affecting the Association.
Financial Management 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
- Signature of Checks Two signatures would be required on all checks, both signatures being that of individuals so designated by the Board. No checks shall be made “Pay to the Order of Cash”, and it should not be Petty Cash funds in view of the impossibility by Gold Property Management & Associates, Inc. to keep control records of payments under such type of arrangements. We would keep custody of all checks, and will manage all cash disbursements according to available funds and services needed to maintain vital services the operation of the Association.
Gold Property Management & Associates, Inc will not accept cash assessments (currency) payments from owners
- Insurance We 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.