Association Management
Creating community-focused environments and valuable assets –
Your home is one of your most precious assets. In many ways, it represents the person you are and the aspirations you have in life. Your decision to become an owner in a condominium community gives a strong indication. Like many others, you desire freedom from the many responsibilities of owning a single family home. At the same time, you realize that there must be a strong owner’s association working for the common good of the community for the value of your condominium to increase. With Cornerstone, you can rest assured that this is the case.
Our goal is to provide all of the management services necessary to build and maintain a successful community and strong association. Call us today and schedule an appointment to discuss how we can best serve your community. As the management company for your association, we provide a complete management solution. Our services include the following:
- Finacial Services
- Administrative Services
- Maintenance Management Services
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Accounts Receivable
- Preparation and mailing of payment coupons
- Collect all maintenance fees and assessments
- Deposit to appropriate Association accounts
- Maintain individual unit owner payment records
- Utilize Association funds for maximum interest income
Past Due Accounts and Collections
- Send statements of accounts to all delinquent owners
- Provide Board with list of past due accounts
- Follow through on collection procedures
- Legal liaison - assist with liens, foreclosure procedures at Board’s direction
Accounts Payable
- Issue checks for payment - maintaining timely payment schedule. Code invoices to general ledger accounts for proper budget control and auditing
- Maintain check register
- Maintain credibility of Association with suppliers
- Maintain detailed records - including filing of paid invoices for proof of expenditures
Financial Report
- Prepare monthly Financial Report for submission to Board each month
- Income and expense statement
- General ledger
- Past due accounts
- Management review of financial condition reports including actual monthly and year-to-date income and expenses
Budgets
- Prepare and submit Annual Budget for review and approval of Board
- Prepare and submit Reserve Budget for review and approval
General Accounting
- Maintain custody of all Association records in a professionally acceptable manner
- Prepare special reports and recommendations requested by the Board from time to time
- Interface with specialists retained by the Association for specific tasks
- Prepare information for all taxes for independent CPA
Audit
- Provide information and assist Association’s independent Auditors in performing audit
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Declaration and by-laws
- Review regularly for possible recommendations for updating
- Review to ensure procedural compliance of Declaration, by-laws and rules
- Annual Meeting preparation (see below)
- Board Meeting preparation (see below)
Owners Assistance
- Receive Owners’ telephone calls, correspondence about problems and requests for assistance
- Assist Owners’ with explanation of policies and procedures contained in Declaration, bylaws and Rules
Emergency Service
- Management level response to emergencies, if necessary
- Provide emergency telephone list of Management personnel to Board
Insurance
- Provide current information on coverage Association is required to carry
- Provide annual review of coverage and costs
- Obtain competitive bids
- Provide information for handling claims
Legal
- Cooperate with Association legal counsel as directed by the Board
- Convey knowledge of fiduciary and legal responsibilities to Association as professional managers
- Assist in preparation, passage and filing of amendments to documents
- Distribution of amendments to documents
Association Meetings
- Prepare and post notifications
- Prepare agenda
- Prepare proxies and ballots
- Assist in conducting meeting and elections
- Maintenance of Minutes of Meeting
- Provide Management report
- Attend meeting
Board Meetings
- Attend quarterly Board meetings
- Prepare and post notifications
- Prepare agenda
- Maintenance of Minutes of Meetings
- Provide Management report
- Professional guidance and recommendations as required by Board
Maintenance of Association Documents
Cornerstone Management will preserve the following in a protected environment, post changes and add Amendments to keep records updated and available for Board and Owner review; maintain an archive of records for the Association for the period prescribed by the Board and appropriate agencies.
- Declaration as amended
- By-laws as amended
- Articles Incorporation as amended
- Rules and Regulations as amended
- Plans, drawings an blueprints
- Contracts
- Roster of ownership
- Election results
- Proxies
- Ballots
- Inspector of Elections receipt
- Proof of Notice
- Miscellaneous documents as deemed appropriate by Management and Board
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