FINANCIAL SERVICES ONLY management plan
Description and Features
At Association Management Services NW, we work as partners with your board of directors and homeowners to preserve and protect the community and take care of the details that go into maintaining the value of your investment.
The Financial Services Only Management Plan is designed for associations that only need accounts payable, accounts receivable and financial reporting services. It's the most cost-effective financial management program for any size or type of homeowner/condo association. No long-term contracts are required (6-month initial term, followed by a month-to-month agreement). This helps control costs for your HOA and eliminates services that you may not use or need.
Below is an overview of services we provide under this plan. Other services are available at an hourly rate or by purchasing a consulting package.
Your community website and technical support. Community website resources are updated by board or other designated member.
Members save time and your community saves money by establishing automatic electronic payments (ACH).
Electronic new owner notification.
24/7 Emergency maintenance service (actual cost of maintenance and response not included).
Resource for attorneys, CPAs or other professional services.
Resource for maintenance services, i.e., landscaping, handyman services, etc.
Additional a la carte services are available at reasonable rates.
Operating accounts (Alliance Bank) are opened and maintained by AMS.
Accounting practices are performed in accordance with general accounting principals.
We provide assessment collection including late fee notices and initiation of lien processes.
Monthly income statement, expense report, balance sheet, delinquency and collection reports are available by the 20th of each month. Monthly financial statements are securely distributed via website portal.
Specialized accounting for reserve accounts.
Full accounts receivable and accounts payable support, including:
- Receipt of assessments electronically (processed by ACH - manual payments will be processed at an additional $5/mo per check fee).
- Credit card processing available for members.
- Automatic deposit of due into the association's operating account.
- Late fee processing per established Collection Resolution.
- Weekly payments of invoices approved by the Board of Directors.
Collaboration with the board to establish and monitor annual budget.
Special assessments and/or bank loan coordination.
Coordination and preparation of state reports and tax filings.
Audit coordination with auditor/tax preparation/tax returns.
Our accounting team provides general accounting support.
AMS will process and provide the following escrow documents at no charge to the association (fees are paid by requestor). A designated Board Member will be required to provide updated non-financial information every 90 days.
An escrow document requiring information such as outstanding violations or collections, assessments and due dates.
Varies by lender and provides information such as association insurance expiration, reserve fund balances and number of rentals.
A certified document required for closing a condominium transaction in Washington – provides information related to reserve balances, legal status, financial statements, operating budgets and fees payable by association owners.
CONSULTING PACKAGES AVAILABLE
- Preparation of Resolutions, Amendments, or other consultations
- Meeting attendance
- Other projects, as requested
- Prepare correspondence to members
- Notices and mailings
- New Owner Packets
- Annual Reports for state agencies
- Other projects as requested