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SUMMARY OF SERVICES 

FINANCIAL SERVICES:

  • Preparation of monthly financial statements, including: (Click Here to Preview Samples)
    • Narrative Cover Letter
    • Balance Sheet
    • Income Statement
    • Income Statement Budget Variance
    • Detailed Check Register
    • Delinquent Accounts Receivable
  • Assist in opening and maintaining bank accounts as directed by the Board of Directors.
  • Maintain account ledgers and history for each homeowner. 
  •  Prepare and distribute a monthly financial statement to the Board of Directors that includes a balance sheet, income statement, check register report, accounts payable report, and delinquency report.
  • If required by the Board, secure the printing and mailing of billing coupons/statements to all unit owners.
  • Prepare and submit to the Board, a proposed annual budget and assist in the preparation and dissemination of the final budget. 
  •  Perform ongoing budget analysis and continually monitor cost trends in the area to avail the Association of the most economical operational practices. 
  • Maintain a computerized corporate ledger which includes all receipt and disbursement information.
  • Review billing for accuracy in costs and goods received, making out checks for approved invoices.
  • Maintain a check register and payable journal while performing regular bank reconciliations.
  • Upon request, provide individual Homeowners with the status of their own account and coordinate the solution of any discrepancies that may occur between the official record and a Homeowner's record. 
  •  Maintain a comprehensive 'bills-paid' file that shall be open to inspection (by appointment) by the Members of the Association. 
  • Generate and mail out the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action. 
  •  Review and maintain copies of annual financial statements.
  •  Assist and cooperate with any outside auditing firm that may be retained by the Association.
  • Prepare, process, and distribute IRS Form 1099’s at the end of each calendar year for tax purposes.

PROPERTY MANAGEMENT:

  • Make arrangements for maintenance activities as shall be deemed necessary by the Board of Directors.
  • Upon request, furnish Board members with the latest in community association operational information.
  • Solicit bids for special programs/contract services and implement and supervise the completion of such programs; reporting the progress of same to the Board as required.
  • Receive, advise and process work order requests by Homeowners per guidelines laid out by the Board of Directors.
  • Prescribe long-range maintenance programs and provide input to the Board as to alternative programs for solution to specific problems.
  • Respond to homeowner and external inquiries during normal business hours via telephone, mail, and/or email in a timely manner.
  • Respond to emergency requests 24 hours per day, 7 days per week by telephone during business hours and emergency pager during nights, weekends, and holidays.
  • Visit property as necessary as may be required to meet with homeowners or vendors and to make determinations about the physical state of the property.

ADMINISTRATIVE SERVICES:

  • Perform administrative record keeping
  • Maintain communication and correspondence with property owners
  • Review and assisting with the placement of insurance.  At the direction of the Board, obtain premium quotations for such insurance as shall be deemed necessary.
  • Assist in development and enforcement of property rules and regulations
  • Research property improvement programs for discussion with property owners and/or Board of Directors
  • Provide input to the Board as to changes in State and Federal HOA Laws or rules.
  • Attend all scheduled meetings of the Board of Directors or Homeowners per contract.
  • Prepare and file on behalf of the Association, all legal reports required under Federal and State Law (excluding tax returns).
  • Secure, on behalf of the Association, all necessary permits for operation of association facilities.
  • Act as agent for the Board of Directors in carrying out each program it deems necessary regarding the common activity of the Association.
  • Assist the Board of Directors in dealing with the Homeowner's affairs and provide input as to prudent courses of action.
  • On behalf of the Association, and at their direction, attempt to secure compliance with the Association’s Rules and Regulations by all owners, guests and lessees.
  • Maintain current files pertinent to the Association and the owners.  Store archived files and records as directed by the Board of Directors.
  • Advise Board of Directors regarding Board Meetings and Member Meetings including notice preparation and mailing, agenda development, and meeting guidance.


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 Sample Financial Reports (4)
 

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