Financial Management
∑ Request and collect assessments
∑ Deposit collected assessments into US Bank lockbox center
(allows for auto debt and no bank charges to the association)
∑ Maintain a record of the Client’s income, expenses, assets and other liabilities in a Chart of Accounts.
Budget Preparation
∑ Prepare an annual budget and an annual budget analysis for each fiscal year.
∑ Prepare a mailing of the approved budget to the Members, with costs borne by the HOA)
Assessment Billing
∑ Mail coupons to HOA members on an annual basis as directed by board. All costs borne by HOA.
Assessment Records
∑ Maintain a record of assessment billings, charges, delinquencies, adjustments and cash receipts.
∑ Prepare a Member Assessment Roll detailing each Members name, address and standard Quarterly Assessment.
Delinquency Processing
∑ Develop a delinquency procedure reflecting the covenants and by-laws or as presently established.
∑ Administer the delinquency procedure by charging late fees, providing data to legal counsel, and answering Board questions regarding member’s accounts.
∑ Prepare an account receivable listing with the names, addresses and phone numbers of members past with the amount owed.
∑ Institute delinquency policies and procedures defined by the Board. Delinquency notices billed at $5.00/house/mailing. Any time spent on delinquency proceedings (e.g., court, arbitration, depositions) are billed a specified hourly rate.
Invoice Disbursement Procedures
∑ Receive, approve and pay invoices and bills.
∑ Prepare checks for payment.
∑ Maintain vendor files with copies of checks and invoices.
Audit/Tax Preparation
∑ Make all records, books and files available for inspection and review by HOA accountant when requested to do so.
∑ Assist the accountant in the preparation of HOA annual tax returns.
Investments
∑ Assist Board in obtaining information necessary to develop an investment strategy (e.g., money market funds, savings accounts, CDs, etc.).
∑ Assist Board in preparing documents required by banking institutions and investment firms.
Files and Records
∑ Maintain all records provided by the Board/HOA including but not limited to directory information, financial records, governing documents, resolutions, rules and regulations, communications, property plans and data, current and accurate financial information, etc. Upon separation, manager will return all records to the Board/HOA.
∑ Will make any records available upon request.
Correspondence
∑ Prepare and/or advise in the preparation of correspondence dealing with business matters between the Board and the homeowners, contractors, agents, government officials, and other persons, and will maintain files of all correspondences.
∑ Arrange for mailing and other distribution of notices required by Board’s governing documents. Board/HOA is responsible for all associated costs.
∑ Will prepare and mail the Billing Statements, Annual Meeting notice and Annual Architectural Change Notice.
∑ Will request the approval of the Board for correspondence considered inflammatory or controversial.
Insurance Administration
∑ Will assist in the selection of an insurance broker.
∑ Assist in choosing insurance compatible and required by governing documents.
∑ Process insurance clams for the Board/HOA. Will charge a processing fee on all claims.
∑ Investigate, report, supervise and follow-up on payment of insurance claims for damages covered by the Association’s insurance.
∑ Oversee the contractors responsible for completing the repairs associated with an insurance claim.
∑ All efforts are subject to an hourly administrative charge.
Rules Administration
∑ Assist in developing rules, regulations and architectural review guidelines.
∑ Will take written and signed complaints regarding rules violation and investigate as required.
∑ Will inform homeowners who are in violation of rules and regulations
∑ Will take other actions in the administration of provisions of the Board’s governing documents, policies, resolutions, rules and regulations.
Policy Development
∑ Will inform the Board on issues concerning material legislation, insurance, financial practices, court decisions and tax rulings pertaining to community associations of which the Manager has knowledge.
∑ Will maintain and support on continued policy to further the development of Board resolutions, which address important administrative and policy matters.
∑ Will offer advice and direction to the Board regarding its governing process.
Property Transition Services
∑ Will provide basic information about the Board as requested by a homeowner/seller, title company, prospective buyer or agent. Costs will be the responsibility of the requester, no of the Board/HOA.
∑ Will prepare the necessary correspondence related to settlement of a homeowner’s accounts and assist in the production of other materials necessary to facilitate settlement of accounts.
∑ On notification of the sale of a homeowners unit, will set up necessary records and files to facilitate communications and assessments billing of the new homeowner.
Professional Services Coordination
∑ Will provide assistance to the Board in the selection of consultants for specialized functions in the areas of engineering, law, architecture, public accounting and other areas.
∑ Will provide reasonable cooperation to consultants.
Meeting Attendance/Supervision
∑ Will attend four regularly scheduled quarterly Board meetings per year with a 90-minute limit on each.
∑ Will attend one annual meeting with a 90-minute limit.
∑ Will organize and conduct the annual meeting and will distribute meeting minutes and associated materials to Homeowners. Associated costs will be the responsibility of the HOA.
Management Report
∑ Will prepare status reports highlighting important items related to financial, administrative and property services for the Board.
Property Inspections
∑ Will conduct inspections of HOA property to maintain a reasonable knowledge of the common areas and the areas maintained by the HOA, with Board attendance.
Services Request Processing
∑ Will receive and process reasonable service requests for repairs and maintenance of the common areas with Board approval.
∑ Will respond to service requests for maintenance or repairs of such common areas as permitted by the Board’s policy and budget limitations.
Contractor Bidding Procedures/Maintenance Services
∑ On request, will assist in structuring a competitive bidding process for non-emergency services if the cost for such services will exceed $1,000.00.
∑ Will prepare and distribute bid specifications to prospective bidders and receive bid and other contractor information.
∑ Will submit recommendations upon request to the Board regarding the bids received, adherence to specifications, information on past performance, and other information that will assist the Board in “bid-acceptance” decisions.
∑ Will provide the Board upon request with a summary of contractors bids for Board approval and obtain from each contractor relevant certificates of insurance, proof of workers’ compensation insurance, bonding, lien waivers and license (when applicable).
∑ Will prepare and accept finalized contracts as approved by the Board.
∑ Will have the sole and exclusive right to provide General Repair/Replacement and Maintenance Services to the Board for projects of not more than $1,000.00. Services for these services will be billed at the hourly rate.
Contractor Supervision
∑ Will direct the performance of contractors, providing recurring services to the Board. The contractors include but are not limited to Landscape Maintenance Contractors, Snow Removal Contractors, Garbage Removal Contractors (where applicable), and Street Maintenance Contractors (where applicable).
Emergency Services Program
∑ Will administer a 24/7 emergency call program for vital support systems of the HOA through cell phones, pagers or a phone mail system instructing callers on emergency procedures.
∑ Will retain a list of qualified personnel or firms in trades deemed necessary to maintain HOA property in a decent, safe and sanitary condition.
Other Services
∑ Additional services requested will be performed at terms and rates agreeable to both parties and set forth in writing as an amendment to this agreement.
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