Frequently Asked Questions Continued....
Q: Why do I have to pay HOA dues and what are they used for?
A: The purpose of having a management company is to work under the direction of the Board of Directors to accomplish the goals of the association and to provide services required to operate and maintain the subdivision. Some of the many services provided to the association are listed below:
1) Provide homeowner account statements and collect association dues 2) Pay all association bills including utilities, landscapers, insurance, management, taxes, and vendors 3) Prepare monthly financial statements for Board members 4) Management of all homeowner accounts including collections, liens, finance and violation charges and title transfers 5) Reconcile of bank accounts, checking and savings 6) Help in sending out newsletters, which includes coping, addressing and mailing 7) Preparing yearly budgets with treasurer 8) Supervise subcontractors, acquire and negotiate bids for various projects 9) Provide end of the year 1099’s to vendors and preparation of federal and state tax returns 10)Conduct monthly and/or bi-weekly drive-through inspections, followed by mailing violation letters to homeowners and follow-up regarding compliance 11)Schedule and attend Board meetings and Annual meetings, following up with Board requests 12)Field incoming calls from homeowners on various questions and title company inquiries 13)Helps the Board regarding architectural improvement applications 14)Works on behalf of the Board with various city and county agencies 15)Sends “Welcome Letters” to new homeowners 16)Maintains all operational and financial records of the association 17)Provides the Board with current financial data regarding savings and CD rates for transfer of funds from checking 18)Maintains updated list of homeowners
Our goal as a management company is to provide the services, which will help the Board to maintain the neighborhood, help with property values, appearance, and the infrastructure of your community.