Why choose Axelrod Realty Property Management?
What differentiates us from the rest?
As a homeowner, Board Member and President of the Board of Directors in my own community, I understand the challenges of Association Management firsthand. The community association where I live is in our ninth year of existence, six years post developer control, and we are on the fourth Professional Management Company during that time. I am sure that I share many of your same concerns and frustrations. It led me to wonder what do we want and need from an Association Management Company for our communities.
With the realization that the wants and needs of every homeowner and community are different, the common needs are the same. A few of these are accountability, accessibility, timely and responsive communication, preservation of our asset and security concerns of out of town owners. Most importantly, affordability, we want a true partner that understands that every dollar spent comes from me and my neighbors and will do the utmost to monitor and control expenses.
As I was unable to find what I was looking for in an Association Management Company, we decided to create one that would set a new standard in property management and strive to exceed the expectations of our homeowner partners.
Axelrod Realty Property Management was created by homeowners for homeowners. Our Mission, the Axelrod Advantage, is to partner with and leverage the power of best of breed technologies. Our systems are designed to integrate the operation of your community in order to provide accountability and system accessibility to our homeowner partners. We will leverage and integrate the power of a community website for timely and responsive communication to all members and the general public. Our systems are designed to integrate a mobile inspection platform to protect and preserve your asset and enforcement of rules. We are the first in market with a suite of products to address the security concerns of out of town owners. The Suite of products include keyless access control, energy management of thermostats, water heaters & pool heaters and site monitoring motion detectors.
Summary of Duties – Financial & Accounting Services
FINANCIAL & ACCOUNTING SERVICES:
- A modified cash or accrual accounting system per Board specifications will be used.
- All accounting records are to be kept in a manner to facilitate the annual audit and preparation of tax returns.
- Records to be kept at the office of the Managing Agent and be available for inspection during normal business hours.
- All checks shall be written on behalf of the HOA for all expenses.
- Reserves shall be maintained in a separate account, and may only be withdrawn with approval of the Board of Directors.
Accounts Payable:
- Coordination of the remittance and disbursement of funds in payment of invoices.
- Verification of invoice and vendor billing accuracy in accordance with contract and budgeted amounts.
- Chart of account coding in accordance with budgeted line departments and line items.
- Post to account on a weekly basis.
- Systematic filing of invoice and checks, by month for annual audit per Auditor’s or Board of Directors instructions.
- Drafting of checks and mailing payments on a timely basis.
- Maintain normal credit accounts for HOA.
Accounts Receivable:
- Collection and depositing of funds received by the Association in the form of regular assessments, late fees, capital funding fees and service charges.
- Post to account on a daily basis.
- Reconcile general ledger and accounts receivable.
- Monthly deposit reconciliation.
- Handle any opportunities or questions from homeowners in regard to assessments.
- Coordinate collection of past due assessments.
Statement Preparation:
- Balance Sheet.
- Revenue and Expense Statements.
- Bank reconciliation.
- Journal entries for accounting system, i.e.: prepaid expenses, assessments receivable, advance assessments collected, accounts payable,posting of all disbursements in and receipts in ledgers and journals.
- Work up financial information for the Board of Directors for special projects.
- Preparation, review, analysis and variance explanation of financial reports.
Implementation of Audit Trail:
- Establishment and maintenance of invoice filing system.
- Confirmation of receivables.
- Proper internal control system for protection.
- Chart of Accounts per the Auditor’s or Board of Directors instructions.
- Pre-audit conferences with auditing firm.
Financial Correspondence:
- Tax Correspondence.
- Financial information for lenders, owner resale, foreclosures, etc.
- Delinquency collections.
Annual Financial Audit:
- Board of Directors will select an accounting firm to conduct an audit at which time the management company will coordinate specific requests of the auditor.
- Assist in the confirmation of receivables.
- Assemble all records and files for the audit team.
- Participate and confer with the auditor on all adjusting entries.
- Year-end adjusted closing entries at instruction of the auditor
- Generate a 2nd year-end financial statement with all adjustments.
- Bring forward all opening balances for next year following audit.
- Create and maintain complete financial history of fiscal year.
Annual Budget Preparation:
- Proposed budget developed and distributed to the Board of Directors for review prior to new accounting year.
- Capital Reserve planning and expenditure budgets.
- Maintain record history of all utility bills/consumption for calculations.
- Evaluation of current year’s expenditures for comparison and projection.
- Pricing verification with vendors for the coming year.
- Prepare, review and monitor the Annual Operation Budget.
- Make amendments to the budget.
- Assist the Board of Directors to establish a schedule for the future repairs and replacement of capital expenditures.
- Assist the Board of Directors to establish a schedule for implementation of the New Year’s preventative maintenance expenditures.
Summary of Duties – Administrative Services
ADMINISTRATIVE & GENERAL SERVICES:
Meeting Coordination:
- Coordinate and attend quarterly Board of Directors Meeting.
- Prepare meeting agenda and notices.
- Prepare and distribute meeting minutes.
- Coordinate and attend Annual Meeting including notices, proxies and ballots.
- Maintain Corporate Minutes Book and records.
- Prepare and send newsletters, correspondence, bulletins, etc.
- Maintain Board of Directors and committee rosters.
- Offer Board Room for use in Board of Directors meetings.
Sale and Resale Activities:
- Coordination of closings with respective attorneys/lenders.
- File all necessary papers for lending institutes as requested.
- Prepare new owner Welcome Packets.
- Maintain owner/property records listing.
- Educate and train the staff as to specifics of the HOA.
- Drafting of checks and mailing payments on a timely basis.
- Maintain normal credit accounts for HOA.
General Administrative Functions:
- Assist in the development and enforcement of Rules and Regulations.
- Handle all owners’ correspondence.
- Resolve owner opportunities.
- Conflict resolution.
- Arbitration and mediation.
- Maintain all records of the Association including past years file storage.
- Handle all clerical duties.
- Establish and maintain HOA website content.
- Owner, Tenant, Vendor and public relations.
- Transition planning and execution.
Insurance Negotiations:
- Draft Specifications.
- Bid Solicitation and review with agents.
- Assist the Board of Directors to insure that the bids conform to requirements set forth in the by-laws.
- Coordinate the furnishing of insurance certificates.
- Billing approval and establishment of payment plan with insurance carriers.
- Coordinate all claims with insurance companies and adjusters.
- Inform owners of claim status.
Summary of Duties – Physical Property Services
PHYSICAL PROPERTY SERVICES:
Vendor Negotiations & Management:
- Draft Specifications, Solicit Bids and Negotiate vendor purchases and service contracts.
- Bid Solicitation and review with vendors.
- All bids will be submitted to the Board of Directors for approval.
- Obtain and maintain certificates of insurance for all vendors contracted with the HOA.
- Meet with service contractors and coordinate/inspect their work.
- Establish credit accounts with suppliers, vendors and contractors.
- Draft specifications on and/or secure quotes for maintenance work.
- Cause the general and limited common areas to be maintained and repaired.
- Contract on behalf of the Association for Pest Control and Waste Removal.
- Assist the Board of Directors with Architectural Review Coordination.
- Take actions necessary to comply with laws, statutes, ordinances or lawful order by authorities. (i.e. ADA, Federal or State Fair Housing Law, DHEC, Fire Department, Police Department, etc.)
- Develop criteria for and coordinate the contract security services personnel to maintain the security of the property.
- Additional services as may be required to handle unusual circumstances as they arise.
Property Inspections:
- Conduct a Monthly Property Inspection with copy of findings to the Board of Directors.
- Based upon the property inspection, notice of violation sent to homeowner.
- Re-inspect of previously noted violation and follow up as appropriate.
- Identify and reduce or eliminate risks or safety hazards on the property.