Our objectives are to:
- Maintain a well-balanced budget
- Provide expert advice and research
- Communicate regularly with board of directors
- Carry out cost-saving procedures
- Provide complete financial reports
- Reduce delinquency percentage
- Help Board members maintain and increase property values
- Communicate important information to members
- Implement Board decisions
- Be a good listener to All Association Members
Arrange for Services
- Be your Advocate when arranging for services
- Obtain competitive bids from professional vendors for services at Board request
- Ensure you get the best price/performance
- Work with vendors providing service so they understand and implement your wishes
- Provide oversight to ensure services are performed well
Association Record Keeping
- Retain the Corporate Minutes, Declarations, By-laws, Covenants and all other important records
- Keep covenant logs and letters
- Receive Architectural Covenant Control change requests and pass on to appropriate committee members
- Accumulate approvals and send approval letters to owners
- Work Order history
Meetings
- Prepare and generate Board packets for meetings, consisting of the following:
- Agenda
- Minutes of previous meeting
- Balance sheet
- Budget year to date, in easy to read format
- Copies of bank statements
- Receipts and Disbursement reports
- Delinquent member report
- Correspondence to and from members
- Reports from vendors
- Committee reports
- Call log and LANGSTON CONSULTANTS activity report
- Copies of bids and proposals
- Articles of interest
- Any other pertinent information that requires board action
- Conduct and facilitate meetings
- Documented "To-Do" lists
- Annual Homeowners Meetings
- Informational and special meetings
Correspondence
- Respond to association letters, phone calls, emails and blogs received
- Generate warning letters for violation of governing documents
- Generate fine letters
- Prepare annual meeting notices and other notices as requested by the Board
- Keep an up to date home owner member directory
- Mail or post Newsletters when requested
Legal
- Work carefully with legal counsel on legal issues
Insurance Company Liaison
- Suggest necessary coverages
- Obtain competitive bids for complete association coverage with several recognized national companies
- Work with Association's insurance carrier in case of a claim and follow up until settlement
Accounts Receivable
- Receive monthly homeowners dues, post to accounts
- Delinquency follow-up
- Notify and work with attorney to commence collection efforts if all other efforts fail
Accounts Payable
- Receive vendor invoices, verify and generate check run for payment, once a month or as needed. File in association's vendor files
Bank Account Management
- Prepare and deposit payments into Association account in a timely manner
- Reconcile bank statements each month
- Recommend best interest rates for restricted reserves to the Board of Directors
- Monitor due dates of C.D.'s
Budget Preparation
- Budget preparation
- Recommendation of the annual budget to the Board
- Assist in preparing a reserve study
Financial Reporting
- Complete balance sheets generated monthly for operating and reserve accounts, including budget variances, income statement, check register, homeowner dues aging report and copies of all bank statements
- Collect W-9 information from vendors to generate and distribute 1099's at calendar year end
Title Transfer Processing
- Provide information requested by Lenders/Realtors (i.e. project review forms, FNMA, FHLMC for prospective buyer's loan approvals)
- Generate status certificates on units scheduled to close for title companies
CPA Liaison
- Retain financial records for IRS and the State of California
- Prepare for formal financial compilations and tax returns by the accountant of the Association's choice
- Work with your chosen auditor during periodic audits
Compensation for Management Services
LANGSTON CONSULTANTS has the ability to provide a varied range of services for a negotiated fee. There may be additional fees due directly from the Homeowner for copies of Association Documents and transfer of ownership or other duties that may be defined outside of the normal scope.
In short, LANGSTON CONSULTANTS provides exemplary, value-added services in all the areas you need to manage your association.
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