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When providing full management services we will:
Collect Association Fees:
Monthly fees are collected and recorded through a lockbox program we have established with Farmington Savings Bank. All payments are deposited daily, electronically transferred to our computer then posted to each owner's account. A delinquency action list will be prepared showing who is late, what action was taken, the date and the amount due. Other reports are also available.
Prepare Checks:
All bills presented will be checked for approval by the property manager, coded to the proper chart of account, footed, extended and compared to previous bills for reasonableness (as in the case of utility bills and repeat vendors), a computerized check is prepared and the appropriate dual signatures obtained. A cash disbursement report is generated for the Treasurer's files.
Reconcile Bank Statements:
The monthly bank statement will be reconciled and a report will be provided to the Treasurer for their files.
Prepare Monthly Financial Statements:
Each month a detailed Balance Sheet and Income Statement will be prepared showing all account balances, revenues and expenses, with comparison to budget for the month and the year-to-date. A Detailed Trial Balance is also prepared and available for your review.
Prepare Annual Operating Budget:
Prior to each operating year, a budget will be prepared using prior experience and planned activity for the coming year. This budget is presented to the Board of Directors for review, revision and approval. A narrative report supporting each line item is also submitted during the process with the Board of Directors.
Correspond on Behalf of the Association:
In addition to delinquency letters, all necessary communication regarding bills, tenants or owner non-compliance with rules, etc., will be dispatched as the Board directs. Any communication prepared will be provided to the Board.
Prepare Annual Site Review ("Walk-around"):
Each year a list will be submitted to the Board of all items needing or soon to need attention and/or recommendations of capital expenditure. The Board or its designees will be invited to accompany our representative at a formal Annual Site Review.
Provide Office and Emergency Phone Number:
We provide an office phone for all questions, complaints, concerns, etc., which is answered during office hours, 8:00 a.m. to 5:00 p.m., Monday through Friday. All calls will be returned the same day or within 24 hours of receipt. We also provide a 24-hour answering service and on-call personnel to assure that we can be reached at anytime, day or night, on any day, to handle emergencies.
Property Inspection:
The property is formally inspected at least once per week or more often as needed. It is our belief that you must be on the property regularly to inspect its condition, review work done by contractors, meet with unit owners to understand their concerns, follow up on requests to resolve issues raised by the Board, etc. We will provide a written inspection report at the time of inspection if desired.
Solicit Competitive Bids:
Competitive bids for all items of significant expenditure are obtained and presented to the Board for vendor selection.
Physical Management:
We will oversee the common area maintenance and develop a plan for on-going maintenance. Also, we will be responsible for capital expenditure management, supervision and recommendations.
Develop a Long Term Plan:
A plan will be developed with the Board of Directors for the future of your Association. Goals will be set and a plan of action necessary to meet these goals will be constructed and implemented. We will also develop an Annual calendar of events that includes but is not limited to: when to file the tax return, prepare bids for snow removal, clean the gutters, etc.
Attendance at Meetings:
We will attend and conduct all regularly scheduled Board of Directors meetings and conduct Association elections, if requested.
Newsletters:
Prepare a newsletter to the unit owners at least three times per year - in the Spring, Summer and Fall.
Miscellaneous:
Each Association has unique characteristics and concerns. We will discuss in detail the level of service your community requires and the services you are requesting we provide. We believe that understanding each other's expectations will result in a more harmonious relationship.
Copyright © 2006 Elite Property Management, LLC
Last modified: 06/02/06
