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Management Company Responsibilities details - Add/Edit/Delete FAQ's Administrative Responsibilities Insurance Responsibilities Physical Property/Common Property Responsibilities Contact Supervision Responsibilities Accounting Responsibilities Account Payable Responsibilities General Notes

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Management Company Responsibilities details Question: Administrative Responsibilities   Answer: The Management Company will assign specific representatives to each acccount, including: A qualified community manager and administrative assistant to help in maintaining and supervising the association as stated per the governing docs and CC&R's, otherwise known as Covenants, Conditions and Restrictions. The manager and administrative team will maintain the following: Accruate listings of all Board members, including current a addresses, home and business telephone numbers, mobile numbers, fax numbers and e-mail addresses. Maintain consistent contact with all Board members regarding association business and inportant matters to affect a timely response. Maintain professional conduct with all owners, prospective purchasers, title companies, insurance reps, realtors, contractors, suppliers, vendors, attorneys, accountants and so on. Maintain association management files, in conjunction with the accounting department, including all written owner correspondence, legal action taken against the owner and all applicable notes to file which insure a comprehensive payment history of each individual account. Correspond with owners or residents regarding enforecment of CC&R rules and regulations. Refer all unresolved situations to the Board of Directors for final decision and implement legal action if this is determined to be necessary. Maintain communication with CPA's, attorneys, engineers, or other professionals engaged by the association and assist in research or the production of any documentation that these entities require to produce the necessary reports, statements or documents for the association. Handle all aspects of the associations annual meeting, such as but not limited to mailing of notice, attending meeting, preparation of hand outs for meeting, setting up and arranging location, sign in for quorum attendance per governing docs etc... Maintain all corporate records as dictated by the State of Texas. Act as Management Agent and be appointed as such in the records of teh office of Secretary of State for the State of Texas. File Management Certificate initially upon inception of the management contract and each time there is a change in the association's status, thereby requiring an updated certificate, in accordance with SB 507, effective January 1, 2002.   Back to top Question: Insurance Responsibilities   Answer: The Management team will also help evaluate and assist in the following for insurance coverage. Obtaining proposals for suggested or required insurance coverage, and changes including but not limited to property, liability, fidelity bonds, director & officer's liability and so on. Forward insurance proposals to the Board of Directors for review and approval. Place and monitor coverage(s) with the selected insurance agency. Report and claims to the Board of Directors and the insurance company as necessary. Follow through with solicitation of proposals, estimates of damage or documentation required to obtain payment from insurance coverage. Make claims to other insurance companies on the assocation's behalf when damage is caused to common areas by vehicles, quests, residents, etc. and insure that compensation for this damage is vigorously pursued.   Back to top Question: Physical Property/Common Property Responsibilities   Answer: The Management team also supervises and handles the following legality to the association' physical property: Use all association documents, (i.e. CC&R's, site maps, plot plans, agreements, contracts and others) to formally identify the assocation's common areas. Make regular inspections of all common areas including landscaping, all electrical lights and fixtures, fencing, perimeter walls, and so on. Note items needing attention or repair. Evaluate and recommend when changes or improvements to common areas become necessary. Arrange preventive maintenance schedules with contractors, if necessary or desired. Make regular inspections of homes, buildings and/or structures in the community for compliance with all CC&R provisions. Communicate, when necessary, to all owners, Board members, etc. when specific contracts involving common property are to be preformed to maximize cooperation from residents and others and to minimize inconvenience to all parties concerned. Prepare or assist in locating a professional engineer who can prepare a reserve study detailing the common area facilities and their life expectancies as well as their replacement costs.   Back to top Question: Contact Supervision Responsibilities   Answer: The management team oversees all contract supervision to include but not limited to: Assess association's needs for standard contracts, i.e. landscaping, insurance etc.. Assist Board of Directors in creating specifications, or in locating professional assistance to create specificiations when such experience is determined to be necessary. Obtain appropriate number of qualified, insured contractors to submit proposals, and forward the proposals to the Board of Directors for review and approval. Analyze proposals received, delvier to the Board for review and to determine dissimilarity of each - whether proposals contain all required information and determine if proposals submitted will satisfy the assocation's contractual requirements. Monitor supervision of contractor performance. The management company cannot act as an employer to contractors or sub-contractors, (i.e. cannot hire or fire contractor personnel), it is the Board of Directors responsibility to advise the managing agent of which contracts to keep and which to extend a termination letter. Timely payments of all vendors, contractors, insurance policies, audit etc, invoices.   Back to top Question: Accounting Responsibilities   Answer: The Management Company also hires competent accounting reps, which are responsible for the following activities. Maintain a current list of owners with mailing addresses and telephone numbers (not always provided by owner) when available. Maintain all owner files. Provide requested information to title companies, Realtors and mortgage companies to aid in the sale or refinancing of homes. Process changes in owner information after sale is closed and completed. (please note that title companies can take several weeks to send paperwork to the management office.) Provide statements to owners in accordance with requirements in the CC&R's and intructions received by the Board of Directors. Send 'Welcome Letters' and additional informative information to all new owners after closing. Make account deposits and post daily deposits received. Respond to telephone calls and written requests from owners with in 24 hours. Prepare timely monthly financials to management and Board members. Assess and post late charges, legal fees, fines, repair or replacement charges, etc. to owner accounts. Send collection letters to owners with an outstanding balance, by certified mail, return receipt requested, in accordance with State law. (this generates an additional fee to the management company. Check management contract for exact amount.) Continue collection procedures with the association's attorney, (as authorized by the collection policy or by directoin from the Board of Directors). Prepare annually a year-to-date detail owner's ledger, provide a auditor as needed.   Back to top Question: Account Payable Responsibilities   Answer: The Management also hires an accounts payable personnel to handle the following daily activities. Maintain vendor files including tax information numbers and w-9 forms. Prepare checks regularly for approved invoices. Make estimated Federal Tax Deposits, if applicable. Annually prepare year-to-date payable reports and provide to auditor. General Accounting Services include the following: Reconcile the Operating account monthly. Maintain other bank accounts (per BOD request) and reconcile monthly. Monitor bank account balances, open new accounts or make transfers as necessary to prevent any funds from becoming un-insured. Prepare entries and post the General Ledger. These are standard monthly entries that do not require approval; i.e., amortization of expenses, accrual of payables at month-end, etc. Prepare and review General Ledger and monthly financial reports. Assist auditor and answer questions related to the audit and tax return. Provide auditor with year-to-date general ledger and check register. Annually prepare records for storage. Set up accounting files for the new fiscal year.   Back to top Question: General Notes   Answer: The Management Company's team members keep current with changes in Federal, State, County and City legislation that affect planned communities. They regularly attend seminars, in-house training sessions, and Community Association Institute (CAI) courses specifically formulated for this purpose. Our Management Company works closly with a network of independent attorneys, CPA's, insurance agents and others who understand their particular field as it applies to non-profit planned communities. As a result, if you have a legal or professional question that we cannot answer, we have ready access to someone who does know the answer. This list of job responsibilities and the descriptions thereof is not necessarily complete. We recognize that community associations are constantly changing and re-defining their needs and expectations for a professional management firm. There may be tasks, duties or other responsibilities that the community asks us to incorporate into the general management contract from time to time or on a regular basis. In this case, we will be pleased to discuss additional compensation or the authority necessary to fulfill these tasks.   Back to top

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