The Challenge Common Interest Developments with fewer than fifty members often struggle to meet maintenance, insurance and administrative obligations while paying for professional management. Management companies are unable to offer significantly reduced prices to smaller Associations due to a workload often equal to that of a medium sized development of 50 - 100 units.
Many Boards have therefore opted for self-management, resulting in overworked (and under-appreciated) directors. Often Boards are unaware of the extensive and complex host of federal and state laws, requirements, and disclosures that every Association, of any size, must make annually. Too often, this can lead to an insolvent Association and diminished property values.
Accordingly, we offer a Financial Management Package that many small communities have found more in line with their restricted financial resources.
Collins Management Company is available and qualified to consult with the Board, as needed, for large, complex projects (e.g. paint, re-roofing) or advice on managing small day-to-day issues. Meanwhile, Collins Management Company will administer your association's financial and legal obligations.
Checks for the Associations invoices are prepared on a monthly basis for the Board's signature. All bills are carefully reviewed to ensure accuracy. Our easy to read financial reporting format allows the Board to review income and expenses for budget planning. Annually, we prepare a preliminary budget for the Board. In addition, we act as liaison with whichever independent accountant is hired to prepare the Pro Forma Budget, Year-End Financial Statement, state and federal taxes.
Our bookkeeping is done by our in-house accounting department, using current computer technology which provide comprehensive, understandable monthly financial statements complete with budget comparisons that detail your Association's exact financial position.
Our staff monitors homeowner assessment payments, utilizing a payment coupon method. Owners submit their monthly payments directly to the bank for deposit into the Associations checking account. This "lockbox" method provides immediate processing of member payments and allows the Association the opportunity to take advantage of the various services offered by the bank. Close attention is given to individual accounts to see that payments are timely and consistent.
We encourage active collection of delinquent assessments in accordance with the Associations CC&R's and the mandates of the State of California.Download "Custom-Tailored Management Package for the Smaller Homeowners Association", printed in the EchoJournal (July 2004)
"... a member of our staff is available for emergencies
24 hours a day, 7 days a week."