Services and Functions Provided by

Association Management Services

Physical Operations

·     Establish and meet ongoing maintenance needs

·  Follow-up on work requests

·     Terminate old contract

·  Inspect common elements to ensure standards are  being maintained

·     Create and submit he specifications for bids

·  Obtain necessary maintenance information for decision-making process

·     Review bids

·     Place the contract

·  Assist assigned firm in the development of a major repair and replacement program

·     Coordinate start dates

·     Monitor contractors

·      Inspect completed jobs for final approval

·     Enforce Board rules and regulations

 

 

·  Inspect association grounds and overall area

·  Report deed restriction and architectural control violations to the Board for proper action and corrective measures

 

 

Finance

·     Establish and monitor bank accounts

·  Handle special assessment accounting as necessary

·     Administer assessment collection and delinquency procedures

·  Report on the Association's actual expenditures versus budgeted projections

·     Reconcile bank statement

·     Generate checks and issue them to vendors

·  Assist in the preparing of annual budget

·     Produce monthly financial information reports

·     Post and maintain general ledger

·     Review and prepare invoices for payment

·  Assist the Board or Budget Committee with preparing the annual operating and reserve budgets prior to the beginning of the fiscal year

 

 

Administrative

·     Maintain records on all association employees (if applicable) and on vendors for emergency data and workers compensation requirements Maintain a current roster of all owners/tenants

·     Respond to title company calls requesting prorating of dues information (transfer fee, paid by buyer, of $100.00* due on each closing paid to AMS) *Fees may vary by association.

·     Provide 24-hour emergency telephone contact

·     Respond to all calls and letters

·     Provide resale certificates to be paid by buyer and/or seller (at a cost of $100.00*, paid by buyer or seller, with the proceeds going to AMS) *Fees may vary by association.

·     Manage all incoming and outgoing mail

·     Coordinate the preparing of agendas for all meetings of the Board of Directors

·     Organize and coordinate the annual meeting and Attend one annual meeting to provide support for the Board of Directors

·     Act as a buffer in carrying out board policies that may not be popular with owners such as policies for collecting delinquent accounts, restriction violation, and covenant enforcement

·     Attend four Board meetings, with dates being specific.

·     Provide information as needed for insurance requirements

 

·     Provide information as needed for insurance requirements

 

Financial Services

 

Banking

 

Cash Receipts and Accounts Receivable

·     Reconcile bank accounts monthly.

·     Record invoices to accounts receivable accounts.

·     Prepare and mail to owners invoices for their annual assessment.

·     Receive other revenue, and record it to the appropriate income accounts.

·     Receive assessment payments, and record them to accounts receivable ledgers.

·     Prepare and mail monthly accounts receivable statements as directed by the Board.

·     Assess interest/late fees on delinquent accounts, and record them to accounts receivable ledgers.

·     Provide information to assist the Association's attorney to collect delinquent monies.

 

·     Prepare and mail late notices on delinquent accounts (three times) as directed by the Board.

Prepare monthly financial statements based on modified accrual accounting standards

·     Deposit all receipts to the Association's custodial account.

 

·     Assist the Board with placing funds in investment accounts.

 

·     Record approved expenditures to accounts payable ledgers

 

Cash Disbursements and

Accounts Payable

General Ledger and Financial Statement

·     Prepare and mail checks for payment of accounts payable

·     Produce monthly financial statements to include year-to-date Balance Sheet and Income and Expense Statement that reflects month and year-to-date totals with comparisons to budget for month and year-to-date

·     Maintain vendor files to include W9 forms and documentation of all disbursements

 

·     Prepare and mail annual 1099 statements

 

Prepare Monthly Reports

·     Accounts Receivable Aging/Delinquent Account Report

 

Other Reports:

·     Payroll Journal (if applicable)

·     Bank Reconciliation(s)

·     Detailed General Ledger (month and year-to-date)

·     Accounts Payable Vendor History (year-to-date)

·     Balance Sheet

 

·     Income and Expense Statement