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HOA Management Options

Full Service Management – Cardinal Real Estate Group offers full management services including Financial, Administrative, Maintenance and Compliance Services for Associations:

1. Financial Services

  • a. Collection of all Assessments (Dues, Special Assessments, SBA, etc.) – Funds of the Association will be deposited into an operating account opened solely for your Association
  • b. Payment of Bills – Paid out of Association’s operating account
  • c. Enforcement of Association’s Delinquency & Collection Policy up to and including the filing of a lien (Costs of lien filing and Procedures attached)
  • d. Preparation of Comprehensive Financial Statements that Include:
    • i. Balance Sheet
    • ii. Income/Expense Statement w/ Budget Comparison
    • iii. General Ledger
    • iv. Bank Statement with Reconciliation
    • v. Check Register
    • vi. Accounts Receivable Report
    • vii. Delinquency Report
    • viii. Open Items Report (Accounts Payable)
  • e. Budget – Manager will assist in budget preparation for upcoming fiscal year

2. Administrative Services

  • a. Record Keeping – Full Corporate Records of the following:
    • i. Insurance
    • ii. Tax Returns, Reviews, & Secretary of State Filings
    • iii. Paid Bills, Accounts Receivable, Accounts Payable, and Cancelled Checks
    • iv. Reserve Studies
    • v. Governing Documents
    • vi. Board Resolutions
    • vii. Minutes
  • b. Meetings – Manager will attend 1 annual meeting of the Association and will provide all necessary correspondence in the form of a Board Packet that corresponds with the ongoing issues and the agenda of the meeting
  • c. Escrows – Manager will provide escrow with up to date account balances for the unit being sold and will manage the transition of information regarding buyer and seller for the Association’s records (Manager will charge a transfer fee for this service). In addition, manager will provide all necessary certifications and governing documents to escrow at the sole cost of the selling owner
  • d. Vendor/Employee Management – Oversee and direct employees and contracted vendors of the Association as directed by the Board. Manager will assist in evaluating performance & value of these employee/vendors from time to time. Manager will hire and fire as necessary
  • e. Bids – Manager will obtain Bids for the contracts or special projects as needed by the Association. Manager advises to use only licensed, bonded, and insured vendors with proven track records.
  • f. Employees – Employees of the Association, if any, shall be carried under A Plus Payroll (a division of Cardinal Management Group) and all costs of said employees, including salary, payroll taxes, workers compensation, business taxes, and a 25% payroll service fee to be reimbursed by Association
  • g. Maintenance Emergencies – Manager will provide an emergency call service for maintenance emergencies (phone service included in management fee). Cost of vendors required to service property will be billed to Association at their respective rates)

3. Compliance Services (Civil & Corporate Code Enforcement)

Disclosures

  • a. 1-60 Days Before Start of Fiscal Year
    • i. Assessments & Foreclosure Policy
    • ii. Delinquency and debt collection policy
      • 1. Late fees
      • 2. Notice requirements
  • b. 30-90 Days Before Start of Fiscal Year
    • i. Budget
    • ii. Lien & Collection Policy
    • iii. Secondary Address
    • iv. Right to Annual Report
    • v. Insurance
  • c. 30-60 Days Before Start of Fiscal Year
    • i. Notice of Increase in Assessments
  • d. 1-120 Days After Start of Fiscal Year
    • i. Annual Financial Statement
  • e. Annually
    • i. Right to Minutes
    • ii. Architectural Procedures
    • iii. Security Issues