This is a summary of management services provided by our firm and is written with the intent that the managerial, secretarial and administrative functions will be conducted from the offices of Acri Commercial Realty, Inc.
Prior to assuming management of the Association, we will communicate with the Board of Directors in order to become familiar with the existing conditions of the Association.
Upon taking over the management duties, our firm will supply each unit owner with an informational packet, to include a letter of introduction with our address and telephone number and information concerning our management procedures.
If applicable, an inventory of all Association equipment will be taken immediately following our assumption of management. The results of this inventory will be submitted to the Board of Directors to ensure all equipment is accounted for through the transition.
A. FINANCIAL DUTIES:
1. Prepare and submit to the Executive Board the annual Management Plan, to include (a) an operating budget showing the anticipated revenue and expenses, and (b) a capital projects budget showing the required reserve contributions and the anticipated capital project expenditures.
2. Keep accurate and auditable accounts receivable, accounts payable, payroll and general ledger records and books of account on an accrued modified fund basis of accounting, including encompassing all transactions of the Association, on a fully computerized in-house system.
3. Monthly invoice each property owner on an itemized basis for: (a) all recurring charges such as common charges and reserve contributions, (b) any nonrecurring charges, and (c) any other charges imposed by the Executive Board.
4. Receive all revenue due to the Association and upon receipt, deposit such revenues received into a separate Agency Account at a financial institution selected by the Executive Board. Such revenues shall be, for all purposes, the revenues of the Association and shall not be co-mingled with funds of the Managing Agent.
5. Review the accuracy and pay, in a timely manner, all legitimate bills received for services performed and supplies received in connection with both managing the Association, and maintaining the Property.
6. On a monthly basis, prepare and submit to the Executive Board: (a) a balance sheet, (b) a profit and loss statement showing the actual, budgeted, and variance amounts for the current month and year to date, (c) a detailed or summarized accounts receivable report, (d) a detailed accounts payable report.
7. On an annual basis, on or before 30 days after the last day of the Association’s fiscal year, prepare and submit to the Executive Board, a balance sheet and a profit and loss statement concerning the management of the Association during the preceding year.
8. Cooperate with any accounting firm selected by the Executive Board during its preparation of any audit report or specific review of the Association’s books of account.
B. ADMINISTRATIVE DUTIES:
1. Designate one of its employees as the Property Manager who shall attend to the proper performance of the Managing Agent’s duties hereunder and who shall be present at the Property on an as needed basis as determined by the Managing Agent.
2. Maintain, at its office, the appropriate records concerning the management of the Association and the maintenance of the Property including, but not limited to, copies of the original documents, the official-minute book, contracts, insurance policies, income tax returns, and notices.
3. When appropriate, make every reasonable effort to obtain (a) the federal tax identification number, and (b) a certificate of insurance evidencing comprehensive liability and workers’ compensation insurance coverage from each independent contractor performing services for the Property.
4. Work in conjunction with, and coordinate the efforts of, other professionals selected by the Board, to include insurance agents, accountants, lawyers, engineers, etc., who are conducting normal Association business. The manager will insure that the best interest of the Association are served.
5. To cause a Property Manager to attend the scheduled Executive Board meetings and the Association annual meeting. In addition, cause the Property Manager to attend any other emergency Board or Association meetings, when possible.
6. Coordinate any meeting held with the Executive Board or Association by (a) preparing an agenda, (b) typing the minutes of the previous Association or Executive Board meeting, as the case may be, and (c) copying and distributing all appropriate information to each Executive Board member or property owner.
7. Prepare on behalf of the Association, all documentation that the law requires a seller to distribute to a buyer for the resale of a unit. This cost will be billed directly to the unit owner and paid directly to the Managing Agent.
C. DUTIES RELATING TO THE PROPERTY:
1. Maintain, repair, and replace the Property in accordance with the Management Plan.
2. Receive oral and written service requests from property owners, non-owner residents, and other appropriate persons and maintain a written service request system for identifying and controlling work to be completed as well as work completed at the Property.
3. Hire, schedule, supervise, and terminate (a) all Association employees, and (b) all independent contractors required to maintain, repair, and replace the Property.
4. Respond to after-business hours emergencies by maintaining a 24-hour-a-day answering service with (a) an On-Call Employee and also, (b) a Property manager available to respond.
5. When appropriate, and if qualified, prepare specifications, and if not qualified, cooperate with any engineer, architect, etc., engaged by the Association to prepare specifications for contracted services or supplies, and solicit bids for contracted services or supplies for the Property.
6. Enter into contracts upon submittal to and approval by the Executive Board for any contracted service for the Property.
7. Purchase equipment, material, and supplies necessary for the proper maintenance, repair, and replacement of the Property.
8.Conduct a comprehensive inspection of the Property and prepare a written report for submission to the Executive Board to assure that the Property is being maintained in a preventive maintenance mode and in accordance with the provisions of the Management Plan.
1. The Managing Agent shall insure that all management and Association members who handle Association monies are covered by adequate fidelity insurance or bond.
2.The Managing Agent shall assume no responsibility or authority for the maintenance of or repair to individual units in the Association.
3.The Managing Agent shall enforce the Association rules, regulations or restrictions, provide clerical assistance in issuing notices of violation to the individual owners, levy fines approved by the Board, and assist the Association attorney in the event legal action is necessary.
4. Between Executive Board meetings, the property manager will be given instructions by only one Board representative.