Why Keith Collins HOA Management?
Most associations recognize the benefits and utilize the services of a professional association management company such as the Keith Collins Company, which has been in business for over 10 years and currently manages over 175 homeowner associations.
Association management is a specialized field that provides more than just an administrative function for its clients; our managers have been specially trained by industry leaders so that they are equipped to guide and advise their clients in fulfilling the obligations tasked under the governing documents. In addition, we maintain specialized software that assists us in maximizing the efficiencies and accuracy of our services.
The tasks needed by associations vary depending on the type of community and its age; however, most of our clients find value in the following “standard” services. We offer other services on a case-by-case basis that may fill the unique needs of a community. Consider these services:
- Assist in preparation of the annual budget which establishes the annual assessment.
- Maintain an operating bank account for depositing Association fees and other receipts, and for expense disbursements.
- Utilize dues and assessment payment options offered to association owners including eCheck, ACH, merchant credit card, online bill pay, or regular check.
- Maintain savings accounts and/or certificates of deposit for reserve funds.
- Review, approve and pay invoices for common expenses from the operating bank account as authorized by the Board.
- Prepare monthly financial reports including a Cash Analysis, Income Statement, Comparative Balance Sheet, Budget Comparison Report with results for the current month and year-to-date including variances, Check Register, and Delinquency/Aging Report listing homeowner balances.
- Send delinquent notices for Association dues to members, when required in accordance with the Association’s Collection Policy.
- Reconcile all bank statements monthly.
- Assist in the preparation of a Reserve budget for the future funding of asset replacements.
- Prepare insurance specifications for the Association’s property and liability coverage for purposes of securing insurance coverage proposals.
- Provide access to the books and records including receipts and invoices for review by any Board member, officer or Association member, upon reasonable request.
- Assist in the planning for and attend the annual meeting of the membership.
- Conduct periodic physical inspections of common area property noting any deficiencies, deferred maintenance, or other issues that need to be addressed by the Association, reporting to the Board on all findings.
- Prepare requisite 1099’s at year-end.
- Prepare the annual Federal Income Tax return for the association (Form 1120-H).
- Prepare the Corporation Annual Report for the association as required by the state.
- Coordinate filing of civil warrants and liens with counsel, if necessary, to pursue delinquent assessments.
- Prepare Requests for Proposals, solicit, and negotiate bids for necessary repairs to grounds keeping, lighting, and other common area repairs. Monitor the work of all service contractors including procuring certificates of insurance from all contractors used. Arrange for work scheduling including commencement and completion times of all work to be performed.
- Prepare and mail dues statements to each Association member prior to the first of each billing period.
- Serve as communication liaison between the Board and the Members as well as the Board as its service providers.
- Monitor compliance of members’ actions with required covenants as outlined in the Association’s governing documents via periodic community inspections and notices sent to achieve compliance with the community’s standards.
- Distribute newsletters.
Owners that have invested in property within a common-interest community have made this important decision based on their expectations that the community will be upheld according to the established covenants, which establish a mutual agreement among all purchasers and residents. In addition, those serving as volunteers on the Board of Directors and Committees are best prepared to serve their community with the assistance and guidance of experts in the field of association management. Too often volunteers are burned out, especially for self-managed associations.
One of the values of having an Association Management Company is the third-party, non-emotional perspective that they bring to the table, helping the association apply its standards in a fair and equitable manner, which best serves the common good of the community.
In addition to our significant experience and focus on managing homeowners associations, Keith Collins Company is dedicated to providing all the management services needed while helping the client reduce other costs, minimizing potential liabilities through active risk management, and providing guidance based on experience and professional training.
We appreciative the positive relationship with members of your community, and will make every effort to continue to provide the best, most complete range of association management services to you.
Keith S. Collins, CPA, CPM
KEITH S. COLLINS COMPANY, LLC