Recognizing the diversity in HOAs Homestead Management Corporation strives to offer services and responsibilities tailored to the needs of your individual community. The following is a general listing of the ranges of services we provide.
1. General Office Practices
- Be available during normal business hours for general inquiries.
- Maintain a 24 hour/7 days a week emergency service call line.
- Maintain available unit owner information (i.e. name, mailing address, telephone numbers, email address).
2. Accounting and Payment Services
- Maintain a complete set of association bookkeeping ledgers and files.
- Prepare all accounts payable for review and payment on a monthly basis.
- Offer several association assessment payment options to all owners (i.e. mail in coupons, direct debit, credit card, electronic).
- Collect, record and deposit all association monies in the association’s accounts.
- Maintain all checking accounts, savings accounts, special money funds, etc. in the name of the association.
- Provide standard monthly financial reports (i.e. Balance Sheet, Income/Expense Statement, Disbursements List, General Ledger).
3. Delinquent Accounts
- Levy all late charges, interest charges, legal charges, fines, repair charges, etc. on individual units, as required.
- Issue monthly delinquent notices to all unit owners with a balance due.
- Inform the board of Directors, at regularly scheduled board meetings, of all delinquent accounts.
- Mail ‘Intent To Lien’ letters to delinquent unit owners, giving them a deadline for payment.
- File liens with the county, per the association’s policy and at the direction of the board of Directors, against any unit owner who fails to pay in full the amount due after being sent proper notice.
- Coordinate with the association’s attorney to commence personal lawsuit or foreclosure procedures at a time so designated by the Board of Directors, or release the lien if payment has been made in full.
4. Yearly Association Budgets
- Prepare a yearly budget for Board of Directors approval.
- Supply monthly financial reports comparing all actual expenditures with budgeted amounts.
- Coordinate all financial information for review of the association’s books (as may be required by the association’s governing documents) and to insure all tax forms are filed on a timely basis.
- Coordinate the review and update of the association’s reserve projections annually with your reserve study specialist.
5. Homeowner Communication
- Generate periodic newsletters and provide to all homeowners via regular mail or email.
- Mail association annual or special meeting notices, proxy forms, etc.
- Send emergency or single item email blasts to all association members who have provided their email addresses.
- Mail various individual homeowner correspondence (i.e. delinquent notices, violation letters, returned payment notices, miscellaneous correspondence, etc.).
6. Exterior or Design Change Requests
- Maintain records of all individual unit owners exterior or design change requests.
- Facilitate timely processing of change requests from individual unit owner to the appropriate committee chairperson.
- Facilitate timely process of change requests from the appropriate committee chairperson to the individual unit owner.
7. Board of Directors Meetings – For monthly Board meetings, or as otherwise arranged.
- Have all checks prepared for signature. All checks will require 2 signatures.
- Have information such as bids or specifically requested information for review.
- Have any contracts/agreements prepared for signature.
- Arrange for any special guests (i.e. insurance agents, contractors, accountants, attorneys, etc.) to attend the meeting.
- Provide recommendations, as needed, for the proper maintenance and the general welfare of the association.
- Provide the following financial reports: Balance Sheet, Income/expense Statement with current budget comparison, Disbursement List and Delinquent List.
- Work to keep the Board advised as to their responsibilities and authority, as outlined in the association’s governing documents.
- Arrange annual, semi-annual, special, etc. meetings as might be needed or called for in the governing documents.
8. On-Site Responsibilities
- With board approval recruit and hire, on behalf of the association, all maintenance contractors necessary to properly operate and maintain the association’s property.
- See that all minor repairs are made as quickly as possible so as to prevent any further damage and/or inconvenience to the unit owners.
- Confer frequently with maintenance contractors about any newly developed problems or potential problems, in an attempt to lessen future expense through preventative maintenance.
- Keep a complete record of Work Orders issued.
- Perform inspections of the community, as determined, to check on contracted work, covenant and rule violations, and complaints reported by homeowners.