HOA Management
HOA management is about more than just administration… it’s about fostering a sense of connectedness and community. Our managers work to enhance every HOA member’s appreciation of their association, and to foster their feelings of involvement via consistent communications, accessibility and community events.
The cornerstone of this effort is a well-orchestrated communications methodology, using printed newsletters, regular e-mail communications and online community portals to provide members with ready access to HOA events and knowledge.
This builds support for Board decisions. Informed members have a sense of participation and an understanding of Board decisions. Because of this, they are more likely to support and comply with HOA policies. The Board and the community at large are then able to make decisions that represent the best interests of the entire HOA community.
Lifestyle’ HOA managers act as advisors to your HOA community and Board, contributing expertise and HOA management knowledge, and assist the Board in enacting its decisions. Thus, the Board makes the decisions, while leaving the everyday management of the HOA to the managers.
Lifestyle Property Management Can...
- Provide an off-site manager.
- Attend all required meetings.
- In partnership with the HOA, develop short and long term goals for property management, improvement and financial administration.
- Provide conformance with the HOA’s rules and regulations.
- Deal with issues as they arise, handling complaints and problems as needed.
- Using project management best practices, provide oversight of maintenance operations.
- Solicit proposals, develop contracts and administer the bid process as needed by the HOA.
- Provide Fannie Mae or FHA loan assistance through sister company, Lifestyle Homes of Distinction.
- Interface with the HOA and appropriate local governments.
We realize that every association is different. Because of this, Lifestyle tailors its services to best serve your association. You can pick and choose services and adapt your management package to be exactly what you need.
Accounting and Bookkeeping
Because reliable accounting is so vitally important, Lifestyle provides precise, up-to-date financial record keeping, ensuring your HOA receives the crucial information needed for accurate financial decision making. As part of our HOA services we provide you with financial reports on both a monthly and annual schedule. These reports include budget reports, cash disbursement reports, bank reconciliations and AR and AP reports.
- Develop and manage a yearly or project-based budget with the Board’s approval.
- Mail coupon payment booklets to all property owners as needed.
- Provide monthly or quarterly financial statements on a full accrual basis.
- Be responsible for collection and billing of assessments.
- Maintain financial ledgers and history for the individual members of the HOA.
- Assist with tax returns and audits.
- Send collection letters, deal with delinquent accounts and file liens when necessary.
- Provide a report of individual account status if requested by an HOA member.
- Distribute payables as directed.
- Prepare delinquent lists as needed when requested by the HOA principles.
- Provide comprehensive accounts receivable, accounts payable and general ledger service.
- Monitor expenditures in relation to the budget to assure the most financially responsible operating practices.
- Manage and review all billing for legitimacy.
- Manage and pay all HOA employees, preparing payroll tax reports and payments.
- Perform regular bank reconciliations while maintaining a check register paper trail.
- Author the budgetary financial year-end report and distribute as desired to the HOA membership.
