What are the Association's options for levels of Service?
Basic Monthly Bookkeeping
Accounts receivable and payable
Collection services for delinquent assessments
Reconciliation of all HOA bank accounts
Quarterly financial reports
Attend one annual HOA meeting
Full Property Management
All of the above, plus
Warning and fine letters prepared and mailed upon Board authorization
Document templates for Rules and Collection Policies, assistance with other documents
Assist in obtaining vendor quotes
24 hour emergency line for after hour emergencies involving water or damage to building
Prepare annual and bi-annual state and federal corporate filings
Premiere Property Management
All of the above, plus
Customized services as specified by the Board, and agreed to by CAS
How do owners make their monthly HOA payments?
Owners mail their payments directly to us for processing. Annually, we provide all owners a coupon payment booklet, which takes the place of monthly invoicing. This reflects in a savings to the HOA of approximately $400.00 annually. (Based on a 30 unit Association)
Who is authorized to spend HOA money?
Only Board members direct Coastal Association Services regarding the payment of all HOA bills. With proven security measures that require 2 Board Members signatures, as well as invoice/receipt serving as back-up documentation, for any reimbursement, unscheduled or unbudgeted items. On occasion Homeowners will call to report common area issues. We always will have a Board Member confirm the need of a vendor before sending anyone out. We also support the board by identifying and confirming when items are the responsibility of the individual member.
How does CAS provide the Board with financial and member information?
Each quarter a financial package will be mailed to the HOA Board for review. Included will be: monthly bank reconciliations with back-up documentation, paid invoices with the check stub stapled to it, profit and loss statement, quarterly balance sheet, outstanding owner assessments, and an updated owner contact list.
What happens when members fall behind on their HOA dues?
Coastal Association Services follows the standard and legal notification process, and your HOA’s governing documents when attempting to collect outstanding HOA dues. When we are unsuccessful in collecting funds; usually after three months, regardless of the amount owed, we forward the account to a legal collection agency. They will secure a lien against the member’s property to protect the funds owed to the HOA. We also work with the board in resolving foreclosures, as best protects the HOA and its other members.
Why does the Association have to bank at California Bank & Trust?
There are many reasons for this. Three of the main reasons are, to keep our fees down by not having to run to 12 different banks daily. More importantly CB&T offers the best added benefits to your Association, and pays for the Association’s checks, deposit slips, and endorsement stamps. And if that weren’t enough, they pay a high interest rate on both the operating and the reserve accounts.
What happens if an Owner is in violation of a Rule or CC & Rs?
CAS takes direction only from Board Members regarding enforcement of your HOA’s governing documents. Members may report an infraction to the Board or management, but only the board can order a warning letter to be generated or assess a fine by written directive, including two board members signatures. This procedure insures that members only receive warnings or fines that in fact are violations, with a majority of the Board’s approval, this way the Board is aware of any situations that might arise as a result.
How does a Board know what to put in Rules and Collection policies?
For the properties that do not have existing Rules and Collection Policies, CAS provides documents in template form that require a small amount of editing to tailor fit them to your unique HOA. For those properties that have older documentation, we are happy to provide the same updated documents for the Board and HOA use. One of our goals is to keep your HOA current with all State and Federal laws as they relate to HOA living.
Can we keep the vendors we have in place?
CAS does not obligate its HOAs to any in house vendors such as Landscaping, Maintenance, Janitorial, etc. We have built solid working relationships with vendors that we are happy to refer to your HOA should you have the need. We have found that the vendors on our referral list provide a high level of service at reasonable rates. Our goal is to help our HOAs develop a rapport with it’s vendors that results in smooth maintenance and issue resolution. This insures great satisfaction by the board and members of the HOA.
What if the Board is not sure how to handle a situation?
We look to the HOA Board to be the eyes and ears of their investment. Since the Board is accountable for maintaining the integrity of the property, owners should report issues to a Board Member. The reason for this is Board Members are the only Members authorized to make monetary decisions. If your Association decides to choose the Property Management Services option, contact us during business hours via phone, fax, or email to resolve issues. We also have an after-hours emergency phone line that Members can call for assistance during an emergency. Emergencies are considered flowing water, active damage to the building, or member safety.
What if the Board wants Coastal Association Services to attend an annual meeting?
Coastal Association Services is happy to provide these additional services, but has not built this cost into the regular Property Management rate, as most Boards do not require our attendance at more than one meeting per year, if that. Coastal is happy to attend additional meetings with ample notice, billed at our regular billing rate. For those properties who want CAS attendance at all HOA meetings, Premiere services would be your choice, and the cost would be built into your regular monthly rate. Again our attempt is to keep your Association’s costs to a minimum, which helps to keep your HOA fees low as well.
Who prepares the escrow demands when a unit is sold?
Coastal Association Services will fulfill all requests of this nature and the requesting party is billed, not the HOA. The new owner will receive a copy of the following: CC & Rs, Articles of Incorporation, Bylaws, Condo Plan, past 1 year meeting minutes, HOA Income Statement, a copy of the HOA insurance policy, and any questionnaires completed.
Who does our Association’s annual legal filings?
For all Full and Premiere Management properties, Coastal Association Services will file your Association’s SI-100 and SICID as required by law.
How do the HOA’s taxes get completed yearly?
Coastal Association Services provides a full financial package to a CPA working with Coastal by offering a discount due to the number of returns being submitted. The taxes are completed and mailed to the Board President to sign and mail to the IRS.
Who performs the HOA’s required annual review of the budget?
Coastal Association Services will provide the Board with an annual comparison review of budget. This will compare the budgeted line items to the actual expenses of the year. We will then make suggestions for the next year budget. Board Members will review, amend, adopt, and distribute the new budgets. We are sure you will have more questions and we are happy to make an appointment to discuss all of your HOA needs.