FINANCIAL SERVICES

 

The dollars and cents in the operations of a community are of vital concern to all owners. Preferred recognizes the need for sound fiscal management policies and has developed systems for efficiently and effectively providing these services at the most cost effective level.

 

Budget:

The foundation for every successfully run Association is a realistic budget derived from thorough planning and "sharp" negotiating with suppliers and vendors . Preferred Management provides the assistance necessary to create sound Association budgeting and financial controls. Our state-of-the-art computerized system provides Budget vs. Actual reporting on a continuous basis to ensure all expenses and revenue stay "in line". Preferred Management believes prudent community fiscal management must also include provisions for Reserve funding . Consequently, our firm has formulated recommended procedures for how to safely and intelligently manage your community reserve assets.

 

Receivables:

Our services include the timely collection of all Association dues, delinquency charges, special assessments, liens and foreclosure accounts. Monthly maintenance bills are individually distributed to each unit owner prior to the beginning of each month. All payments are reviewed and deposited on the same day that they are received by Management. All collection problems are promptly dealt with, be it a helpful email when the opportunity allows as well as reminder notice. The process of collections is a critical area to the management of an Association. If legal assistance is required, Management will, at the direction of the Board and with the Association's counsel, collaborate in the joint effort of full collections.

 

Payables:

Payment of all invoices and other obligations of the Association are handled in a timely and competent manner. Preferred can assume full responsibility for all disbursements with prior Board approval , or if the Board requests more "hands on" control; double endorsements of all checks can be arranged, with all disbursements having at least one Board Member's signature.

 

Financial Statements:

A monthly financial statement is presented to the Board of Directors each month, reflecting a complete accounting of the prior month's financial transactions. The standard financial statement includes Cashflow Reports , a Detailed Disbursement Transaction Journal, Detailed Accounts Receivable Journal , and a complete reconciliation of the Association's Bank Accounts and the Collections Journal . Other reports can be generated at the Board of Director's request.

 

Payroll:

If payroll is required for the Association, payroll checks are disbursed on a biweekly basis. All payroll taxes and reporting are completed by an independent payroll service. Preferred Management will process and file all reports required by Federal and State regulatory agencies.

 

 

OTHER SERVICES

 

 

Operational Services

Preferred Management understands that the most visible need for all communities is top quality maintenance. We provide the supervision to not only save money, but ensure stringent accountability for all important services.

 

Management:

Supervision is provided on a continual basis. Maintenance schedules (prepared in advance) are provided to all personnel, either in-house or outside vendors. Review of these schedules with designated Board of Members will provide a constant monitoring of the operations of the property.

 

On-Site Inspection Schedule:

All properties are inspected by Preferred Management on a routine monthly basis.

 

Meetings:

All Board of Directors Meetings, Annual Meetings and any special meetings requiring management information will have Preferred Management personnel present.

 

Emergencies:

Preferred Management provides 24 hour, 7 day a week operator manned emergency response telephone number and pager service . This ability combined with our knowledge of available immediate response services (plumbing, electrical, boilers, air-conditioning, roofing, etc.) will provide prompt response to all emergencies.

 

Administrative Services

Staying completely "on top" of the integration of financial and operational services is the responsibility of administrative management. This link is customized based on the needs of each individual association.

 

Correspondence:

Management is responsible for all communications between the Board of Directors and Owners. This communication link between the Board and all Owners is an integral part of effective management. Our company stresses effective public relations through timely response to all telephone calls, letters and Association problems . In addition, Preferred will respond to all vendor and municipal inquires. The Board of Directors is updated on all meaningful correspondence.

 

Management Report:

Preferred Management provides the Board with a complete management report on the operations of their Association. This report will outline all outstanding issues in legal, maintenance, along with specific projects and progress on Association objectives.

 

Master Deed, By-Laws, Rules & Regulations:

Review and enforce under the parameters of the Board of Directors all pertinent regulations of the Association, and make any necessary recommendations to such regulations. 

 

 

Professional Services:

Review all existing insurance policies and make recommendations for proper coverage. Assist both the Association's legal and accounting firms in providing information necessary in the completion of their specific duties.