ADAM,LLC Management will set up a customized management program that fits your condominium or homeowners association's needs. Below are overviews of the services and capabilities that are provided by our company. (The lists are not all-inclusive.)

General & Accounting Services

  • Assist in opening a property bank/trust account at the highest available interest rate.
  • Maintain account ledgers and history for each homeowner.
  • Obtain a reserve study in accordance with the Board of Directors for the major components of the property.
  • Prepare and distribute a monthly accrued financial statement that includes an balance sheet, income statement, bank reconciliation report, check register report, accounts payable report, and delinquency report.
  • If required 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, making out 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 an employee file.
  • Maintain a check register and payable journal while performing regular bank reconciliations.
  • Upon request, provide individual homeowners with the status of their own 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 at any time.
  • Provide the Board of Directors with monthly statements of delinquent accounts.
  • Generate and mail out 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

  1. Assets
    • Operating Account Balances
    • Reserve Account Balances
    • Prepaid Insurance
    • Assessment Receivable - the Delinquency Balance
  2. Liabilities
    • Accounts Payable - any outstanding invoices.
    • Prepaid Assessments - Homeowners that pay in advance.
  3. Reserves
    • Itemizes each reserve item with the dollar amount designated for each reserve item.
  4. Equity
    • Retained earnings - earnings from previous years
    • Current earnings - earnings from the beginning of the fiscal year.
  5. Income
    • Total income collected itemized by each income account (dues, late charges).
    • Current month actual expenses vs. current month budgeted expenses for each general ledger account.
  6. Expenses
    • Year to date expenses vs. year to date budgeted expenses for each general ledger account.
    • Actual vs. budgeted monthly variances for each general ledger account.
    • Net operating income after operating expenses.
  7. Reserves
    • Activity 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 GL account, vendor, date accrued, date due, 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; GL account, date due, vendor, description of expenses, and amount owing.
    • 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 Services

  • Minimum of twice monthly visits to your association by your account manager for enforcement of your CC&R’s with violations backed up with photos.
  • 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.
  • 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.
  • Make arrangements for and supervise all maintenance activities as shall be deemed necessary by the Board of Directors.

Administrative Services

  • Attend Board meetings and take minutes.
  • 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 State and Federal COA/HOA Laws or rules.
  • Attend all scheduled meetings of the Board of Directors and/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 homeowners' 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 association’s rules and regulations by all owners, guests and lessees.
  • Assist in the development and implementation of a management plan