OUR COOPERATIVE, CONDOMINIUM & HOMEOWNER ASSOCIATION MANAGEMENT SERVICES INCLUDE…
COLLECTIONS & DISBURSEMENTS
Assemble from all sources the charges against resident-owners, including maintenance charges and other items; prepare and mail bills and follow up in their collections. Secure, review, and pay all approved invoices from contractors. Secure, review, and pay all bills for real estate taxes, water charges, sewer rents, corporate taxes, and mortgage interest and principal.
ACCOUNTING & RECORD KEEPING
Keep the corporate books of the Owner Corporation/Association, including the checkbook, cashbook, journal, ledger, and minutes book. Arrange for the preparation and filing of federal, state, and all other tax returns required by any governmental authority. Advise stockholders of income tax deductions available to them individually by reason of stock ownership.
PAYROLL
Gather employee hours worked information for the preparation of payroll, noting particularly any variations from the standard authorized amounts, and see that the building employees are promptly paid the authorized amounts. Maintain complete personnel records of all building employees. Oversee the filing of the appropriate payroll tax returns. For purposes of audit, make such records available to the insurance company carrying the worker’s compensation insurance.
FINANCIAL REPORTING
Prepare a monthly account of receipts and disbursements. Forward a copy of the monthly statement to the Board of Directors. Prepare special reports, upon request, and carefully supervise the financial condition of the Owner Corporation/Association.
BUDGETING
Prepare in the latter part of each operating year, which usually is the calendar year, a budget for the operation of the building for the ensuing year, with comparable figures for the current year, thus making it possible for the Board of Directors to have the information needed in order to adopt a proper budget.
REPAIRS
Maintain the interior and exterior of the building in good condition, arranging repair work so as to avoid suspension of service in the building during hours when such services may be necessary and so as to cause as little disturbance to the operation of the building and as little inconvenience to the residents as possible.
MECHANICAL MAINTENANCE
Attend to the maintenance of the mechanical equipment of the building, with the objective of keeping the building in first class condition and reducing the operating expenses where possible.
SERVICE CONTRACTS
Study the requirements of the building and make the best contracts possible at the most advantageous rates for electricity, fuel, elevator maintenance, telephone, gas, vermin extermination, valet service, and rubbish removal or such of them as required. Keep in constant touch with any proposed or actual change in rates charged by public utility companies or others in order either to warn the Owner Corporation/Association of adverse developments or to take advantage of favorable developments.
PURCHASING
Purchase all supplies keeping in touch with the current market and, through volume orders, secure the most advantageous prices, all discounts obtained being credited to the Owner Corporation/Association. Investigate the merits of new equipment and materials as they become available and be in a position to recommend and utilize the latest development for building operation and maintenance.
INSPECTION
Maintain a system of inspection of the building and supervision of building personnel, which will ensure for the property a high standard of service and physical maintenance at the minimum expense. This includes periodic night and early morning inspections, as needed.
SUPERVISION OF EMPLOYEES
On behalf of the Owner Corporation/Association assist in the employment of a competent building superintendent and supervise his activities, including the selection of building employees and the checking of their references. Periodically revise the Superintendent’s Instruction Book, thereby keeping each superintendent up-to-date with respect to new developments as experienced in other buildings managed by us. Arrange during the vacations of building employees, or in the event of sickness or other emergency, for temporary replacement or assistance from operating personnel of other buildings managed by us.
EMPLOYEES AND SALARIES
Keep in constant touch with the building-operating situation for the purpose of regulating the number of building employees to the requirements of service and weekly hours of work resulting from changing conditions in the employment field of apartment house operation. Recommend to the Board of Directors of the Owner Corporation/Association adjustment in the wages and hours of various building employees in order that they may be kept in conformity with the general conditions of employment. Arrange for disability and group health insurance for the building employees.
COMPLAINTS
Give careful consideration to any and all complaints of resident-owners. Act with impartiality in any difference of opinion between resident-owners as to the methods of operating the building and, if unable to reconcile conflicting points of view, report the matter to the Board of Directors.
VIOLATIONS
Attend to the removal of violations received from the various municipal departments and insurance authorities.
MOVING
Supervise the moving of resident-owners into or out of the building so as to cause as little disturbance to the operation of the building and as little inconvenience to the resident-owners as possible.
INSURANCE
Supervise the placement and maintenance of proper amounts and types of insurance at the lowest possible rates. Report and adjust all losses and collect the settlement amounts.
MORTGAGES
Confer with and advise the Board of Directors regarding the mortgage financing with a view toward securing advantageous rates of interest and amortization and, when required, an extension of the existing mortgage or a new mortgage.
TAX REDUCTION
Consult with the Board of Directors regarding the advisability of applying for a downward revision of the assessed valuation of the property as to bring about a reduction in the real estate taxes. Recommend competent tax reduction experts and work with them. Keep informed as to changes in the corporation tax laws with a view of securing the lowest tax rate possible.
DIRECTORS’ MEETINGS
Prepare all notices of directors’ meetings and stockholders’/association meetings, and send out such financial and other reports as the Board of Directors may request, as well as letters on subjects of special interest.
BOARD REPRESENTATION
Have one or more representatives at all directors’ and stockholders’/association meetings. If desired by the Board of Directors, the representative will act as secretary or assistant secretary, or treasurer or assistant treasurer, of the Owner Corporation/Association, thus relieving the officers of routine duties.
RESIDENT INVESTIGATIONS
When required by the Board, procure and investigate references from prospective resident-owners or residents and submit such references to the Board of Directors with a form of application for the consent to the transfer or leasing of an apartment. Notify the owner of the apartment whether consent has been obtained. Frequently this matter must be handled in a most expeditious way so that the owner of the apartment will not lose an opportunity to transfer or lease the apartment.
SERVICE IMPROVEMENT
Hold frequent meetings of our personnel with a view of constantly improving the service rendered by us through an exchange of ideas and a thorough discussion of new problems as they arise.
RESPONSIBILITY
Guarantee to our clients the highest type of service by maintaining a well-equipped organization, the combined personnel of which embraces wide experience and knowledge. The functions of our organization are continuous and are not limited or handicapped by vacations, illness, or resignation. We are expertly trained in all phases of real estate operation.