Your account manager plays an important role in the preparation of the annual budget. Incorporating historical trend analysis, projected delinquency rates, reserve requirements, and utility increases, your annual budget is one of the most important factors that lenders evaluate when a home is sold. Haven Management offers the following:
A Review of Your Reserve Study
In order to plan for capital expenditures, the reserve study should be tested for both accuracy and relevancy. If the unit numbers used to establish cost figures are not consistent with what actual bids would come in, the reserve study is flawed and may lead to poor budget decisions. In addition, if the reserve study is built on items that would be better suited for an operating budget, it is not an effective management tool. Each community is unique and cost figures should be adjusted to reflect those items.
Cost Projections on Any New or Modified Capital Expense
Changing or installing new systems such as roofs or building modifications should be tested for alternatives and evaluated for long-term financial impact. Our firm has access to industry specialist that can be consulted and even develop specifications that best suite the needs to your community. Our firm has managed major renovations, with a value exceeding 8 million dollars and has those services available should the board require it.
Our software provides historical and detailed tracking on accounts receivables, accounts payables, collection activity and vendor work orders. Your Association’s database is fully integrated and accessible for immediate current information and.or information from past months or years.
Clean Audit Control of Your Operating Account
The operating account has checks issued weekly for prompt vendor and utility payment and a complete financial statement is provided monthly with all of your Association’s bank statements which are fully reconciled by our in-house accounting department.
Preparation of Financial Reports
Income & Expense reports, Balance Sheet, Check Register, Check Distribution Report, General Ledger Audit Report and Cash Receipts report.
We will collect delinquent dues and assessments in accordance with the association’s delinquency policy. We do not charge the association for the fees which include the intent to file lien fee. Due to the recent downturn in the economy and the over abundance of liens being filed we have recently updated our policies and now have a collections attorney actually file the lien on the property. The charges and fees are paid when collected from the delinquent homeowner thus resulting in thousands of dollars of savings in out of pocket charges to the association.