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Detailed List of Services

prism realty association managementAnnual Budget

The current fiscal year operating budget adopted by the Board shall serve as the supporting document for the schedule of assessments of the Owners for the fiscal year. The Budget shall also constitute the major control under which Management shall operate, and there shall be no substantial deviations. Management shall assist the Board in the preparation of the annual operating budget for the Association before the new fiscal year.

Fiscal Statements

Monthly: Maintain a record of all income and expenses, assets and liabilities, utilizing the cash or accrual method of accounting. Financial statements include a balance sheet and an income statement reflecting actual versus budget for the fiscal year. Year-End: Maintain a record of all income and expenses, assets and liabilities, utilizing the cash or accrual method of accounting. Financial statements include a balance sheet and an income statement reflecting actual versus budget for the fiscal year. The package can be delivered to CPA directly for year-end tax purposes.

prism realty austin tx hoa managementCollection of Assessments and Online Payments

Collect and account for all assessments as they become due and payable from all owners as identified on the rolls provided to management. This includes requesting, demanding, collection and receipt for any and all charges and assessments.

Payment of Association Expenses

Management will process all invoices to the Association, seeking Board approval based on Association signing guidelines, process payments directly to the vendor and account for this transaction as part of the accounting function. All contracts with vendors are maintained for warranty and historical reasons in an online location assessable to the Board.

Monthly Property Review

Inspect all common areas at least twice per month to include lawn, shrubbery, tree, and brush to determine whether such are receiving adequate care and maintenance and take measures to maintain (if necessary). A monthly status report can be provided as desired.
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Contractor Negotiations for Maintenance

Management shall advise the Board and the employees and contractors of the Association in all matters related to the maintenance of those common areas and components within the Development for which the Association bears responsibility for maintaining. Management will work with contractors to bid and complete work under the approval of the Board.

Board of Directors Meeting

A member of the Management’s staff shall attend the monthly meeting of the Board. Involvement will include capturing minutes and votes, presenting monthly financial statements, hearing/resolving owners concerns, and status of maintenance work.

Annual Association Meetingprism realty association management austin tx

A member of the Management’s staff shall attend the annual meeting of the Board. Involvement will include capturing minutes and votes, presenting annual financial statements, hearing/resolving owner’s concerns, and the presenting the status of maintenance work.

 

Violation Management

Management will check for any violations that are counter to the CCR and Amendment documents, notify the owner of violation, assess fines and account for collections (if needed). This service is typically included in the monthly property review.

 For additional insight or to learn how Prism Realty Management can support your association request a free no obligation quote by contacting us at (512) 676-5842 or info@prismrp.com.