Shea Management has an in-house system of assesment collection that operates as follow:
At Shea Management's expense, unit owners are provided with twelve individual and pre-printed coupons and envelopes to accompany remittance. The remittance comes directly to the Shea Management office where is it deposited into a separate interest-bearing Money Market Account in the association's name.
There is no monthly lockbox fee. The coupons are printed by our own in-house computer at no additional cost to the Association. Upon the resale of a unit and receipt of a settlement statement, we provide the new owner with a revised set of coupons.
Shea Management recognizes that every community is different and should be treated as such.
In those instance where a community does not have an established delinquency policy, we suggest one and variations are made as needed by the Association. A complete delinquency report is included in the monthly Management Report. Shea Management prides itself on its ability to work with both the Board and homeowners in collection of delinquencies.
Often by communicating with homeowners on a personal basis, rather than through counsel, payment plans are agreed upon. Counsel is used in an effective manner, if communication on a personal level is unsuccessful in collections over six month periods of 50% or more!
All Association funds are kept in interest bearing accounts. Our Comptroller is continuously surveying federally insured financial institutions to determine the best rates available for Certificates of Deposit, Money Market Accounts and Treasury Bills. Appropriate recommendations are made to the Board for both short-term and long-term investment strategies.
Accounts are monitored to insure compliance with the FDIC insurable limits. Consideration is given to the Association's short and long term goals when considering the terms of the investments.
Shea Management commences the budget process one hundred twenty days prior to the beginning of the Association's fiscal year.
No later than seventy-five days prior to the new fiscal year, a preliminary draft is presented to the Board. During the next fifteen days, the budget is refined by Board input. A Board approved proposed budget is sent to the entire membership approximately sixty days prior to the beginning of the fiscal year, with a notice soliciting written comments to Shea Management and providing a meeting date (at least thirty days from the notice date) for the Board's consideration of adopting the Budget.
Following adoption (approximately thirty days prior to the beginning of the fiscal year) appropriate notices and new payment coupons are sent to all unit owners by Shea Management. After the Board has finalized the new budget, but before year-end, Shea Management will update the Association's three year budget projections. The purpose of a three year operating budget projection is to include and remind the Board of certain significant operating expenses that occur regularly but not necessarily annually; i.e. project done in phases, three and five year elevator load tests, etc.
Monthly Financial Statements
On or about the 15th of each month, a monthly Management Report, (the "Report") is sent to each member of the Board of Directors. The Report includes the following:
- Balance sheet to include Assets, Liability and Equity.
- Monthly schedule of receipts and disbursements indicating the month's year to date actual disbursements, year-to-year budget, budget variance and annual budget totals.
- Cash receipt general ledger distribution report.
- Accounts payable general ledger support.
- Delinquency report showing all delinquencies and the status of any action taken with respect to delinquent account.
- Pre-paid income reports showing all accounts that are paid in advance.
- Copies of all bank statements and reconciliations of each account.
- "Statement of All Accounts" showing the total of all funds of the Association and indicating expiry dates and interest rates, where available.
- Copies of all in invoices paid during the month.
Shea Management specializes in Condominium, Cooperative and Homeowner Association Management. Property Management is our only business, whether you are looking for financial management or full service management. We do not engage in the buying, selling or leasing of real estate but concentrate our efforts solely on Association Management for others. Our services include, but are not limited to:
- 1. Assessment Collection
- 1a. Electronic Transfer of Assessment
- 1b. Delinquency Follow-up
- 2. Special and Annual Meeting Attendance and Coordination
- 2a. Electronic Ballot Counting
- 3. Financial Management
- 3a. Bill Approval
- 3b. Bill Payment
- 3c. Work Order Recording
- 3d. Work Order Processing
- 3e. Monthly Financial Reports
- 3f. Year end financial reports
- 4. Budget Preparation
- 4a. Replacement Reserve Analysis
- 4b. Preparation of 20 Years Plan Based on Reserve Schedule
- 4c. Budget Analysis
- 4d. Three Years Budget Forecast
- 4e. Assist in Putting Together Loan Packages For Mortgages or Loans For Major Repairs
- 5. Records and Files Maintenanc
- 5a. Resident Roster Maintenance
- 5b. Payroll Administration For On-Site Personel
- 5c. Preparation & Processing of Resale Transfer Information
- 6. Rules and Regulations Enforced
- 6a. Resident Orientation
- 6b. Building, Amenity and Ground Inspections With Written Reports
- 7. Communication With Board
- 7a. Bid Preparation, Specification and Coordination
- 7b. Inspection of Outside Contractor Performance
- 7c. Hiring and Supervisions of On-Site Personnel
- 7d. Employee Policy and Procedures Manual Preparation
- 7e. Provide Complete Group Benefit Insurance Rates Including Fife, Health, Mental, Major Medical, Accidental Death and Dismemberment, etc, for On-Site Employees
- 7f. Emergency Manual Preparation
- 7g. Arranging for: Engineering Survey and Report on Entire Project, Preventative Maintenance Program and Training of On-Site Engineering and Maintenance Personnel
- 7h. Coordination of Water Management Consultation
- 7i. 24-Hours Answering Service and Emergency Assistance Service
- 7j. Analysis of Energy Conservation Needs and Recommendations for the Board
- 7k. Attorney Liaison