Collection of Monthly Association Assessments. Monthly assessments are deposited into the association operating account and posted to individual unit owner accounts. A late notice is generated and mailed if the monthly assessment is not received by the designated date, in accordance with the documents.
Pursuit of Delinquent Unit Owner Accounts. In accordance with the Documents and Rules and Regulations of the HOA, HOA Management Services notifies unit owners of delinquent balances. HOA Management Services also works with the HOA’s legal counsel on accounts requiring additional action.
Payment of Invoices. All invoices will be approved and paid on a weekly basis. All contracted work is inspected for accuracy and fulfillment prior to payment.
Monthly Deposits into Reserve Accounts. As budgeted, the monthly reserve funding will be deposited into a segregated reserve account.
Monthly Financial Reports. Each month HOA Management Services will provide the Associations Board with a Balance Sheet, Budgeted Statement of Operations, General Ledger, and Delinquency Report. The Budgeted Statement of Operations reflects, by budget line item, the actual amounts paid, the budgeted amount and the variance from the budget both for the current month and for the fiscal year to date. The Balance Sheet lists the current assets, liabilities, and equity of the Association. The General Ledger lists all of the specific invoices paid during the month for each line item, plus all the assessment and interest deposits made into the operating and reserve accounts of the Association. The Delinquency report lists all unit owners, balances, amounts billed and amounts paid during the month. Additional reports can be provided at the request of the Association.
Preparation of the Annual Budget. HOA Management Services works closely with the Board of Directors in the preparation of an annual budget which meets the objectives of not only the current year goals but also the long term goals of the association. HOA Management Services will analyze the specific needs of the association including major projects, recurring expenses, contracts and assessment amounts while preparing a preliminary budget for board review. The Board reviews the budget, makes necessary changes, and then the final budget is prepared.
Rules and Regulations Enforcement. As specifically directed by the Board, HOA Management Services will enforce and notify unit owners and/or residents who are in violation of the communities’ rules and regulations.
Correspondence with Unit Owners and Board of Directors. HOA Management Services receives phone calls from owners and vendors during the daily operation of the Association. Additionally, HOA Management Services also receives mail and email as well as maintains an Emergency Service for after hour maintenance emergencies. Owners with maintenance problems or questions, account balance questions or other concerns contact management daily.
Unit Sale Information. HOA Management Services provides and easy online ordering process of resale certificates, copies of insurance coverage for the community, statements of assessment accounts, and various individual mortgage lender questionnaires.
Contract Negotiation and Performance. HOA Management Services developed hundreds of working relationships with local vendors. HOA Management Services has strong name recognition and a financially strong reputation which allows HOA Management Services to quickly obtain bids and negotiate advantageous contracts from a pool of the best subcontractors available. All contractors are required to have liability and workmen’s compensation insurance. HOA Management Services assists in creating a scope of work which is approved by the Board of Directors and generally distributed to three contractors for bidding. The results are presented to the Board for approval prior to awarding the contract. The contract is awarded and monitored to ensure the work is completed timely and as prescribed.
Regular Visits and Walk-Through of the Community. HOA Management Services will perform regular inspections of the community.
Annual Meeting. A HOA Management Services representative attends and assists with the organization of the annual meeting.
Professional Advice to Counsel. Upon the request of the Board, HOA Management Services can provide management advice regarding procedures, formulation of rules and regulations, feasibility of various projects or any other questions associated with HOA and Condominium Associations.