ASSOCIATION MANAGEMENT 

 

 

1.  Management Activities

 

A.           Account Managers will schedule monthly inspections of the Association common areas. The inspection will assure that contract vendors are performing to standards set by the Board; detection of deficiencies or liabilities in common areas.

 

B.                 Empire will assist the Board of Directors in establishing policies, procedures and timelines to enforce the CC&R’s.

 

C.                Empire will assist the Board of Directors in establishing written policies and procedures to address the issues and protect the interests of the Association.

  

2. Accounting and Fiscal Services

 

A.         The management team will provide monthly operating statements, reserve status reports, balance sheets, check registers, bank statements, delinquency reports, lien and legal reports and general ledger.

 

B.   Association dues will be collected and monthly assessment statements will be sent to all owners, which indicate a breakdown on types of assessments as well as aging of receivables.

 

C.        The Account Manager and Association Treasurer (if required) will approve all vendor payables before checks are issued.

 

D.         All checks issued shall require both the signature of a Board Member and Management. Association funds will be utilized to remit all association payables.

 

E.          An annual budget for Board approval will be prepared at least 120 days prior to fiscal year end, which will serve as a basis for the operating budget and monthly maintenance fees for the ensuing year.

 

F.          Separate books and trust accounts for Association operations and Association reserves will be maintained.

 

G.    The management team will cooperate in the audit and tax preparation for the association. If necessary, Management will interview and recommend Certified Public Accountants for the Board approval and supply all available data to the accountant. The Association will absorb the cost of the audit/review and tax preparation.

 

H.         Reports and forms will be prepared and submitted to governmental agencies, including annual and quarterly federal and state forms for employees, annual 1099’s for the vendors and non-profit tax exemption forms for the Association. The Association absorbs preparation costs for these reports and forms.

 

            3. Legal

 

A.    A list of delinquent Owners assessments will be submitted each month to the Board with collection recommendations.

 

            4. Escrow

 

A.     Demand statements will be submitted to escrow companies for the unpaid regular, special and corrective assessments owed by an Owner upon the sale of their property.

 

B.  Data provided by escrows or Owners pertaining to transfers of ownership and change of records will be maintained accordingly for billing purposes.

 

C.  Information on all new Owners will be requested from escrow companies.

 

D.    Escrow companies will be provided with Declaration of Covenants, Conditions, and Restrictions; By-Laws; and Rules and Regulations for new Owners. A management company transfer fee and document fee will be charged to and collected by demand from escrow.

           

            5. Supervisory

 

A.      The management team will attend Annual Owners meetings, Special Owners meetings, budget meetings and Board meetings as required by the Board and defined in the management agreement.