Riverside Services

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Accounting

Financial/Reporting Management

When the bottom line matters most

We provide full service financial management with detailed reporting, done with integrity and the highest level of transparency, which allows you to have comfort with your finances and your future. We understand the level of security and trust you must place in us and we take every measure to provide an overall reporting program that will keep you up-to-date and secure with your community’s financial standing.

Covenant Enforcement

Effective covenant enforcement preserves property values. The first step is to identify the violation, and communicate the violation to the homeowner. Under Georgia (CA) law (or Governed by the Covenants in an HOA), a homeowner must receive notice and an opportunity for a hearing, before a HOA can fine the homeowner for a violation. However, proceeding directly to a fine letter will fuel the emotional content of the enforcement action. In order to cure the violation, the HOA must diminish the emotional content of the action.

The first communication should be a neighborly, friendly communication. It should use words such as “home”, “community”, “pleasing” and “neighbor”. It should avoid words such as “dwelling unit” and “penalty”. The first letter should invite the recipient to agree that preserving property values by maintaining the appearance of the homes is a goal shared in the community.

Service Listings

Listed below is a comprehensive list of services we provide as part of our Standard HOA Management Agreement.  Our goal is to meet or exceed the expectations of our clients without charging ‘extra’ as many management companies do for services we consider to be included as part of our Management agreement.

Administrative Services
Board Meetings

* Frequency of attendance per contract
* Prepare Board packages in advance of meetings
* Notice of meetings-prepare and distribute agendas, notices, ballots, proxies, etc.

Annual Meeting

* Prepare and distribute all paperwork associated with the annual meeting (agenda, proxy, ballot, minutes, return envelopes)
* Manage all returned proxies and keep Board informed of whether or not quorum has been achieved
* Attend meeting and provide administrative support (check people in, hand out ballots, count ballots if vote takes place, etc.)

Conduct Annual Meeting if Desired by Board

* Prepare process, follow up on, and maintain records of all work orders for the Association. In addition, work order reports are provided as part of each Board package to provide the Board with an overview of all work
orders issued since the last Board meeting.
* Prepare and maintain copies of all correspondence on behalf of the Association in an organized fashion.
* Purge files annually, label appropriately for future reference if needed, and send to storage.
* Provide storage facility for archived Association records. See Schedule A of the contract.
* Process incoming and outgoing mail.
* Respond to all e-mail correspondence in a timely fashion.
* Maintain homeowner information database and keep current on daily basis.
* Provide organized filing system to maintain and reference as needed
* Create and mail violation letters, architectural requests responses, and other correspondence to homeowners as needed.
* Serve as primary contact and liaison for Board with but not limited to:
* Homeowners
* Association vendors
* Legal counsel
* Insurance brokers/agents
* Provide for 24/7 after hours answering and emergency services.
* Maintain corporate documents.
* Daily record back up on and off site with a double redundant back up system.
* Change of Ownership/Escrow Services
* Welcome letters to new owners
* Provide all rules/policy information to new homeowners as well.
* Maintain software with updated owner information.
* Provide a team of customer Service Professionals to handle all incoming calls from homeowners, vendors, parties to a real estate transaction, vendors, board members etc.,
including a dedicated person to your community that is familiar with the community, rules and policies, and practices as established by the Board.
* Add owners to the Association Voice web site system for a fee charged to the HOA
* Assist Board with Governing document interpretation, compliance with Georgia laws, and guidance for the Board drawing from our experience on all other issues
associated with managing the Association.
* Manage and assure all required Association insurance is in force and renewed annually. We also serve as the primary contact for any claims made.
* Serve as primary contact for any legal issues in community.

Property Services

* Conduct routine site inspections of the community for the purpose of identifying covenant violations and checking on the performance of Association vendors. Inspections are generally focused on seasonal demands like pool, landscape, drainage, and always include covenant compliance requirements and routine follow up of vendor activity and performance.
* Violation report provided to the Board as needed.
* Bids and Routine Maintenance
* Prepare bid specifications for larger jobs and oversee bid process per contract
* Coordinate entire process of handling small maintenance issues in the community
* Maintenance calls come to our office. Work orders are issued to the proper vendor
depending upon the nature of the work.
* Major repairs are inspected by management prior to issuing a work order
* Manage and oversee all vendors associated with your community
* Review workmanship/performance of Association vendors/contractors and assure compliance is being achieved per the specifications in their contract
* Coordinate preparation and execution of final contract documentation, including the verification of proper insurance, updated license status, lien releases, etc.

Financial/Accounting Services

* Prepare and mail all billing statements/coupon books to homeowners.
* Coordinate with bank to update our systems with cash receipts on a daily basis.
* Collect and deposit all payments and deposits made to our office on a daily basis.
* Manage collection of delinquent accounts in our office for up to 90 days past due. Includes sending past due letters out.
* In-house Collection Attorney when accounts go 90 days or more past due. We automatically send accounts at 90 days past due to collection and then provide them with historical information, etc.
* Ensure Association Collection policy is up to date and in line with the covenants.
* Review and approve all invoices submitted for payment.
* Prepare and sign all checks for payment of monthly and periodic obligations.
* Reconcile bank statements monthly.
* Prepare financials statements on a monthly or quarterly basis per contract on an accrual basis, including general ledger, income statement, and balance sheet. Also includes detailed budget versus actual for income and expenses, all bank statements and reconciliations, cash disbursement journals, balances by homeowners, and collection reports from your attorney or via their online system.
* Retain an independent CPA to complete tax returns, audits and reviews as needed.
* Ensure Corporation Filing and annual Statement of Information is filed with the Secretary of State on an annual basis.
* Close out fiscal year and update system with new budget annually.
* Draft the annual budget for review by the Board. Distribute as necessary.
* Advise Board on choice of reserve study analyst.
* Execute any CD investments, renewals, or transfers as directed by the Board.
* Update vendor files annually. Reconcile, generate, and mail annual 1099’s to required vendors.
* Answer homeowner and vendor inquiries regarding dues and receivables daily. Provide account recaps as needed.

Request a Proposal Today!

Riverside Property Management, Inc. offers this information for educational purposes only and not as legal advice. The information provided in this article does not create a client relationship between you and Riverside Property Management, Inc., nor is this article a substitute for legal advice. The contents of this article are subject to change without notice. You should not rely or act upon the contents of this article without seeking advice from your own attorney. Riverside Property Management, Inc. is not a law firm.

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