We provide professional services in the following areas:
LITUS* To Let Property Management will set up a management program that fits your Condominium or Homeowners Association’s needs. Below are overviews of the services that are provided by our company. (The services listed below are not all inclusive.)
Our accounting system is designed around the needs of the Homeowners Associations and is totally flexible and tailored to your property’s desires. We strongly believe we offer the most complete financial statements in the property management industry.
Reports are included in the monthly Financial Statements to support every number on the Balance Sheet and Income Statement.
One of the most vital elements of a Property Manager is making regular visits to the property. This allows the manager to identify maintenance needs sooner and continually check on the operating services of the property. LITUS* To Let Property Management is committed to be on the property a minimum of three times per month.
The administrative services that LITUS* To Let Property Management provides goes beyond the normal scope of administrative services and record keeping. Our new management software, allows us to maintain a history for the property that is accurate and accessible at every Board Meeting.
Our Property Managers are dedicated to achieving 100% customer satisfaction. LITUS* To Let Property Management is committed to train our managers and our support staff to be competent in every aspect of property management.
Fiscal Accounting
LITUS* To Let Property Management Offers to:
- Assist in opening Operating and Reserve Accounts at the highest available interest rate.
- Maintain account ledgers and history for each homeowner.
- Prepare a reserve study in accordance with the Board of Directors for the major components of the property.
- Prepare and distribute a monthly financial statement that can include a balance sheet, income statement, bank reconciliation report, check register report, accounts payable report, and/or delinquency report.
- If requested by the Board, secure the printing and mailing of coupon payment booklets to all unit owners.
- Prepare and submit to the Board, a proposed annual operating and reserve budget and assist in the preparation and dissemination of the final budget.
- Perform ongoing budget analysis and continually monitor cost trends in the area to avail the Association of the most economical operational practices.
- Maintain a computerized corporate ledger which includes all receipt and disbursement information which shall be available for inspection by the Board upon request.
- Prepare the annual financial report and disseminate to each Homeowner at the discretion of the board and expense of the Association.
- Prepare any additional financial reports requested by the Board.
- Review billing for accuracy in costs and goods received, writing checks for approved invoices and payroll (if there are employees).
- In connection with Association employees, prepare all payroll tax reports and disburse payment of same. Maintain a file on all HOA employees.
- Maintain a check register and payable journal while performing regular bank reconciliations.
- Upon request, provide individual Homeowners with the status of their account and coordinate the solution of any discrepancies that may occur between the official record and a Homeowner’s record.
- Maintain a comprehensive “bills-paid” file that shall be open to inspection by the Board during normal business hours. We ask that mutually convenient appointments should be made to respect both parties.
- Provide the Board of Directors with monthly statements of delinquent accounts.
- Generate and mail the correspondence necessary to bring delinquent accounts up to date and if unsuccessful in collecting, recommend the appropriate legal action.
- Assist and cooperate with any outside auditing firm that may be retained by the Board.
Accounting Reports
LITUS* To Let Property Management Shall Provide:
Assets
o Operating Account Balances
o Reserve Account Balances
o Prepaid Insurance
o Assessment Receivable – the Delinquency Balance
Liabilities
o Accounts Payable – any outstanding invoices.
o Prepaid Assessments – Homeowners that pay in advance.
Reserves
o Itemizes each reserve item with the dollar amount designated for each reserve item.
Equity
o Retained earnings – earnings from previous years
o Current earnings – earnings from the beginning of the fiscal year.
Income
Total income collected itemized by each income account (i.e. dues, late charges).
Expenses
o Year to date expenses vs. year to date budgeted expenses for each general ledger account.
o Actual vs. budgeted monthly variances for each general ledger account.
o Net operating income after operating expenses.
o Current month actual expenses vs. current month budgeted expenses for each general ledger account.
Reserve
o Beginning balance, year to date deposits for each reserve item, year to date disbursements for each reserve item, and ending balances for each reserve item.
Lists all expenses paid for the current month. Information listed includes General Ledger account, vendor, date accrued, check number, check date and amount paid.
Lists any expense by general ledger account that has accrued and is outstanding at month end. Information includes; General Ledger account, date due, vendor, description of expenses, and amount owed.
Accounts Receivable Report
List of each homeowner showing payment received for the month, and balance outstanding whether it is prepaid or delinquent.
List of all homeowners with a credit balance. Detailed report for the prepaid number listed on the balance report.
Site Management
LITUS* To Let Property Management Will:
- Make arrangements for and supervise all maintenance activities as shall be deemed necessary by the Board of Directors.
- Upon request, furnish Board members with the latest in community association operational information.
- Solicit bids for special programs and implement and supervise the completion of such programs; reporting the progress of same to the Board as required.
- Receive, advise and process service requests by Homeowners per guidelines laid out by the Board of Directors.
- Prescribe long-range maintenance programs and provide input to the Board as to alternative programs for solution to specific problems.
- At the directions of the Board, compile and implement and from time-to-time, revise a comprehensive maintenance schedule that will encompass both the day-to-day maintenance activities, as well as incorporate long-range preventative maintenance programming.
- If required, formulate, implement and supervise a security program in accordance with input from the Board. Maintain all records and reporting associated with this program.
Administrative
LITUS* To Let Property Management Will:
- Assist in the development and implementation of a Management Plan
- Perform administrative record keeping
- Maintain communication and correspondence with property owners
- Review and assisting with the placement of insurance
- Assist in development and enforcement of property rules and regulations
- Prepare written reports to Board of Directors
- Research property improvement programs for discussion with property owners and/or Board of Directors
- Provide input to the Board as to changes in Local, County, State and Federal Laws or rules.
- Attend all scheduled meetings of the Board of Directors or Homeowners.
- Prepare and file on behalf of the Association, all legal reports required under Federal and State Law (excluding tax returns).
- Secure, on behalf of the Association, all necessary permits for operation of association facilities.
- If requested by the Board, procure information as to any proposed purchasers or lessees of a unit and process the necessary forms pursuant to Board approval.
- At the direction of the Board, obtain premium quotations for such insurance as shall be deemed necessary.
- Assist Association legal counsel in whatever actions are required.
- Act as agent for the Board of Directors in carrying out each and every program it deems necessary regarding the common activity of the Association.
- Assist the Board of Directors in dealing with the Homeowner’s affairs and provide input as to prudent courses of action.
- On behalf of the Association, and at their direction, attempt to secure compliance with the Associations Rules and Regulations by all owners, guests and lessees.
