Web-Based HOA and Condo Association ManagementUnit owners will have the option to utilize our property management website which is supported by a well-known provider. Once they are set up, unit owners will be able to make payments online, see their balance and ledger, and be automatically notified if their HOA payment has not been received by the due date.
Also, unit owners will be able to submit maintenance requests, see status of the request such as the proposed repair date, all the way through online until the issue has been resolved. Board members will have special permissions to review and either deny or approve maintenance requests. Providing services online will save time and money and is just one of the services EPM will provide to streamline workflows for the Board. Accounts Receivable and Collections
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Accounts Payable
- Accept, review, and process all invoices.
- Setup and maintain electronic payments with utility companies upon request.
- Vendor payments are processed weekly and provided along with the respective invoice to the association for review, signing, and mailing. Pre-posted envelopes are included for mailing checks to vendors.
- Correspond with vendors regarding invoices as needed.
- New vendors are checked for licensing, insurance, and IRS requirements.
- Current vendors are periodically checked for licensing and insurance requirements.
Bank Accounts
- All bank accounts and funds are managed (operating, reserve, and investment).
- Association’s accounts are reconciled on a monthly basis.
- If online banking is not set up, account signers will need to do so. This will help with identifying NSF check quicker, accessing monthly statements instead of waiting for them in the mail, and resolving discrepancies. Also, images of all checks deposited along with cleared checks to vendors will be available online.
Financial Reporting
- Provide monthly financials to all Board members which includes the Balance Sheet, Income Statement, and Check Register.
- Prepare monthly delinquency report to all Board members who request a copy.
- Any other reports such as for custom date ranges, vendor payment details, or specific expense account activity are available upon request.
Budget, Reserve Study, and Taxes
- Management prepares and submits to the Board a proposed annual budget, approximately 90 days before the fiscal year end.
- Complete annual reserve study in conjunction with the annual budget and provide with to the Board with the projected budget.
- Upon Board approval, management mails the approved budget to all owners.
- Coordinate annual tax preparation and financial review with the Association’s CPA.
- Process vendor 1099 forms and submit them to the IRS.
Administrative
- All incoming and outgoing correspondence from owners and service providers is managed.
- At the request of the Board, notices and special mailings will be prepared and mailed to owners such as first and second annual meeting notices, budget meeting notices, and voting proxies.
- Estoppels will be provided to title companies for sale of units.
- Annual reports submitted to the State of Florida on behalf of the HOA.
Maintenance
- All maintenance requests are processed and monitored through a work order system.
- Routine requests are forwarded to the appropriate vendor for handling.
- Non-routine and special requests are forwarded to the Board before proceeding.
- At the request of the Board, obtain up to 3 bids on any project over 5% of the total annual budget.
Management
- Correspond with Board members as needed via phone and e-mail
- Act as a liaison between the Board and all other parties.
- Attend Board and Membership meetings at the request of the Board.
- Inspect property regularly for HOA violations in accordance with by-laws and mail letters to unit owners upon Board approval.
- Supervise all contracts, including regular service providers, general contractors, utility companies, and insurance policies.
- Inform and copy the Board on important correspondence from owners and service providers.
- Prepare sample agenda for monthly meetings.
- Coordinate with attorney on legal issues.
- Coordinate with insurance claims office if a claim is filed.
- Advise the Board of new developments in the industry and law compliance issues.