Financial Services
Monthly Financial Services
- Assist the Board of Directors in preparation of a fiscal year operating budget
- Collect assessments and other fees
- Collect special assessments*
- Deposit all income in association accounts
- Maintain separate bank accounts in association name
- Provide payment coupon books to members for payment of assessments*
- Provide follow-up contact to delinquent payees
- Assist legal counsel with delinquent collections; provide necessary documentation
- Pay authorized association bills
- Provide copies of paid association invoices upon request
- Transfer funds to or from reserve account with board approval
Monthly Financial Statements
- Prepare current balance sheet
- Prepare monthly income and expense statement
- Prepare cumulative income and expense statement
- Prepare comparative actual to budget statement
- Provide check register (disbursement journal)
Reserve Items - Follow board-adopted long range reserve plan
- Solicit proposals for reserve plan
- Review reserve investment policy
Insurance Items
- Review insurance coverages
- Review bond coverage
- Solicit bids for insurance coverage
Accounting Services
- Arrange for preparation of tax returns (by CPA)
- Coordinate CPA review/audit
- Provide payroll accounting
- Monitor investments
Administrative Services
Monthly Administrative Items
- Attend regular board meetings
- Prepare written management report for board meetings
- Prepare board meeting agenda
- Prepare association meeting minutes*
- Handle member telephone and written correspondence and requests
- Prepare and mail deed restriction violation notices
- Administer requests for property modifications and alterations
Other Administrative Items
- Prepare and distribute meeting notices to members
- Plan and prepare annual business meeting
- Distribute annual meeting minutes
- Maintain member roster
- Maintain renter, lessee, and resale list
- Work and meet with association attorney for routing matters
- Publish and distribute association newsletter*
- Provide training and education for new board members and personnel
- Provide new property owners with welcome information*
- Prepare status letters and resale certificates*
- Maintain association financial files
- Maintain board and committee files
- Process and administer insurance claims*
Maintenance Services
- Obtain bids and execute maintenance contracts
- Monitor performance of maintenance contracts
- Administer capital replacement contracts*
- Review common area buildings and other property
- Report policy violations to the board
- Process routine and emergency work orders
- Maintain 24-hour answering service for emergencies
- Facilitate emergency/authorized access
- Review and update association property inventory (annually)
*often an additional charge above monthly management fee
Source: Kramer-Triad Management Group |
