This option would provide peace of mind to the owners. Rather than reporting to a Board, the Receiver, who is an appointed Administrator by the Court, would report to a Court of law. It is a very secured type of administration in view of the Court involvement. This option should be seriously considered by Condominiums, Homeowners Associations, Cooperatives and Rental Communities under stress or with dysfunctional Board of Directors. Our ratings are very affordable and the Administration would last for a predetermined amount of time, depending on the Board and members’ decision.
In the case of Rental Communities, the Court involvement may be bypassed if the Owners or Partners decide on having this type of Administration.
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, es keeping and software, and other services, such as 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 or Home Owners Association
- Close Working Relationship with the Association’s lawyer in ALL matters affecting the Association.
By: Gold Property Management & Associates, Inc.
2. Financial Management Services:
The Manager will establish an accounting system and 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 All Checks would be signed by the Receiver. Monthly financial reports would be made public through the Court and to the unit owners.
- Insurance We would solicit and analyze bids for necessary insurance coverage to extent obtainable, with insurance carriers selected by the association, in such as the Association shall designate in writing.