NEIGHBORHOOD ASSOCIATION MANAGEMENT INC. (“NAM”)

AN OVERVIEW OF OUR SERVICES

FINANCIAL MANAGEMENT SERVICES

 

1. NAM will establish and maintain operating and reserve bank accounts that are only in the name of the Homeowners’ Association. And only the Board will sign the signature card.

2. NAM will provide for the collection and deposit of all assessments into the bank account(s) of the Homeowners’ Association.

 

3. When an owner(s) becomes delinquent, NAM will provide the Board with a list of delinquent homeowners. The delinquency policy of the HOA indicates how the Board should respond to the current balance of the delinquent owner. NAM will remind the Board of what the delinquency policy says. If the delinquency policy indicates the delinquent homeowner is to be sent to collection. NAM will provide the Board with a “no fees, no costs” collection company to refer the delinquent account to. NAM will provide the collection company with the information about the delinquent owner. NAM will provide the Board with the monthly status report of the collection of the delinquent account.

 

4. NAM will obtain the prior approval of the Board for any expenses of the Association

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5. NAM will maintain a set of accounting records in accordance with generally accepted industry standards.

6. NAM will prepare a monthly financial statement for the previous month, including the Balance Sheet, Statement of Income and Expenses, reserve allocations, and a check register of disbursements. 

7. If there is an excess balance in a bank account(s). NAM will recommend to the Board to invest that excess balance in a CD to earn a higher interest rate if possible.

8. NAM will reconcile all bank statements on a monthly basis and shall provide the Board with copies of both statements and reconciliations. 

9. NAM will cooperate with the CPA in his/her performance of audits and reviews of the Association’s records and their preparation of applicable tax returns.

10. NAM will prepare and submit to the Board of Directors a proposed budget for the new fiscal year.

11. NAM will provide the reserve study firm with the information he/she needs to prepare a new reserve study.

 

12. NAM will provide owners with a portal to login online and view their financial account history, make a payment, etc.

13. NAM will provide the Board with a portal to login online and approve the payment of Homeowners’ Association invoices.

 

PHYSICAL MANAGEMENT

 

1. NAM will be responsible for the upkeep, maintenance and management of Common Area and equipment.

2. NAM will receive maintenance requests and/or complaints concerning the Association's Common Areas and communicate them to appropriate Association vendors for correction, repairs and maintenance.

3. NAM will provide a 24-hours per day, 7 days per week call center for emergencies.

4. NAM will perform a monthly general reviews of the Association Common Areas and facilities from ground level; and report any deficiencies to the Board.

5. NAM shall assist the Association in obtaining at least three bids from contractors or vendors.

6. NAM will provide the Board and owners with a portal to login online and make a service request.

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ADMINISTRATIVE MANAGEMENT AND CONSULTING

1. NAM will return emails or calls the day they are received from the Board, residents, vendors, etc.

2. NAM will write letters, emails, etc. and communicate as necessary to assist the Board in carrying out its responsibilities.

3. NAM will counsel and advise the Board of Directors and its committees in their day-to-day operations.

4. NAM will assist in the interpretation of the rules of the Association.

5. NAM will assist the Homeowners’ Association in enforcing the rules: 1) by sending a cease-and-desist notice; 2) by sending a hearing and fine notice; 3) by sending an “Internal Disputes Resolution” (IDR) notice; and 4) by sending an “Alternative Disputes Resolution” (ADR) notice.

6. NAM will send notices as requested by the Board.

7. NAM will coordinate with the Board the location, date, and time of any meetings.

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8. NAM will prepare the agenda for the Association’s meetings and email it to all owners the week before the meeting.

9. The week prior to the Board meeting, NAM will send the Board a board packet with all of the information that will be discussed at the meeting.

10. NAM will write a set of minutes for any of the Association’s meetings.

11. NAM will attend up to twelve monthly meetings of the Board of Directors in any calendar year.

12. After the Board meeting, NAM will make a list of all the decisions the Board made. That list (action items) is entered into an excel spreadsheet (“management report”) in order to track the status of each action until completion. That management report is included in the board packet for discussion at the Board meeting.

13. NAM will promptly forward any architectural submittals from owners to the Board/architectural committee for approval/denial within the deadline set in the CC&Rs.

14. NAM will provide owners with a portal to login online and submit an architectural submittal.

15. NAM will maintain a current list of homeowners in the Association.

16. NAM will provide the Inspector of Election with the information regarding any elections or voting concerning the Homeowners’ Association.

17. NAM is available to provide the Association with a newsletter on a monthly basis.

18. The Association's current records shall be kept at NAM’s office. Such records shall be available for inspection and copying during normal business hours in accordance with California state laws and the Association document provisions.

19. NAM will store all prior records of the Association.

20. NAM will remind the Board to keep the following insurances policies in force at all times: Commercial General Liability Insurance; Directors’ and Officers' Liability Insurance; Commercial Crime Insurance (or fidelity bond); and Worker’s Compensation.

21. NAM will notify the Board of any new law(s) regarding Homeowners’ Associations and how it applies to the Association.