This choice is basically Board of Directors oriented. It gives the Board significant participation in the overall operation of the Condominium or Home Owners Association while allowing us to deal with limited management issues of support to the Board while significantly relying on our financial services and compliance with regulatory bodies. This option also allows the Board to manage the employees and interact with all vendors, owners, renters and other residents as well as services suppliers.
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
- Assistance to Board of Directors
- General Membership Meetings
- 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 two staff members-to the task of help the Board Managing of the Condominium or Home Owners Association
- Close Working Relationship with the Corporate 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
- 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.