- Collection of assessments
- Maintain records of income, expenses, assets, and liabilities utilizing the cash method of accounting in accordance with generally accepted accounting practices
- Budget Preparation
- Assist the association in the preparation of the annual budget for each fiscal year
- Delinquency processing
- Assist the association in the development of a written collection procedure
- Administer the collection procedure, charging late fees and interest, issuing late notices, and responding to inquiries regarding accounts, in compliance with the Fair Debt Collection Practices Act
- Accounts Payable
- Receive, review, and approve invoices and other bills
- Prepare and issue payment of approved expenses
- Maintain vendor files with contracts and warranties and copies of invoices and payments
- Issue annual 1099 forms to qualified association vendors, consistent with IRS guidelines
- Financial statement preparation
- Bank reconciliation
- Tax preparation
- Completion of form 1120-H, U.S. Income Tax Return for Homeowners Association
- Investigate and report all insurance claims relating to the association
- Inspections
- Conduct weekly inspections to maintain a satisfactory knowledge of the property
- Report to the association those significant conditions which require maintenance, repair, and replacement
- Contractor bidding
- Obtain competitive bids for non-emergency services as directed by the board
- Prepare and distribute bid specifications to prospective bidders
- Receive bids and other contractor information
- Submit recommendations to the association regarding the bids received, adherence to specifications, and contractor qualifications, if known, which will assist the association in its decision
- Provide assistance to the association in selection of contractors for recurring services
- Obtain relevant certificates of insurance from selected contractors
- Participate in the development of finalized contracts with contractors selected by the association
- Direct contractors providing recurring services for association, including landscape maintenance, snow removal, building maintenance, trash removal, and pool and other facility maintenance
- Monitor performance to ensure compliance with contract specifications
- Service requests
- Receive and record reasonable service requests for repair or maintenance of the property
- Arrange for prompt and satisfactory response to service requests for maintenance or repairs
- Rules administration
- Assist the association in the development of reasonable rules and regulations for maintenance and repair, use of community facilities, enforcement of restrictions on use and architectural covenants, and other matters to administer the governing documents
- Assist association in implementing and enforcing association rules and regulations for violations by owners or residents
- Unit transition services
- Provide basic information about association as requested by a seller, prospective buyer, or real estate sales agent
- Prepare the necessary correspondence and assist in the production of other association-related materials requested which will facilitate settlements
- Upon receipt of notification of a sale of a property, prepare the necessary records and files required for assessment billing and other communications
- Meetings
- Attend all regularly scheduled board and association meetings
- Assist the board in developing election and voting procedures for election of directors and the agenda format for association and board meetings
- Assisting in organizing annual homeowners’ meeting and arranging the necessary materials, procedures, personnel, and otherwise support the operation of those meetings
- Emergency service
- Provide a 24-hour, 7-day per week emergency telephone answering service
- Assist the association with reserve studies
- Investments
- Assist board in adopting an investment policy for the association’s financial assets
- Assist board in preparation of necessary documents required by banking institutions and investment firms
