In 2009, Owner Association Management has become the largest part of Hast & Company’s management portfolio.We currently manage over 4000 units in 31 Associations.Association sizes range from 30 units to 465 units, however our emphasis has been on the management of the larger Associations in our market. Hast & Company offers a full range of services and benefits to the Owners Association.Our basic function is to serve as the administrative arm of the Board of Directors.We meet on a monthly basis with the Board, offer guidance in a variety of areas based on our experience and expertise, and then carry out the Board’s directives.Our purpose is to organize and administer all operations of the project so that the Board may efficiently make decisions regarding the present needs and future direction of their Association without needing to expend unnecessary time and energy in researching the issues or directing the work. More specifically, we supervise all daily operations including, at the Board’s option, hiring and supervising on-site employees, obtaining bids for and overseeing all outside contract operations on the property, and making sure that the community is clean and well maintained. We collect assessments and pursue delinquents directly.We have an excellent record of collecting delinquent accounts.We provide full financial services to the Association, paying all bills and keeping a complete set of books and records of all transactions, which are open to inspection by any homeowner at any time during regular business hours.All Association funds are deposited into trust accounts specifically set up for your Association and none of your money is ever commingled with funds from other properties.We issue a detailed financial statement to the Board monthly at the regular meeting, which details the income and expenses for the previous month and compares each item to the budget as well as providing year-to-date actual, budget, and variance figures.The chart of accounts may be altered to meet the individual needs of the Association.We prepare a proforma budget in advance for the fiscal year, which is presented to the Board for review, changes, and approval.A sample proforma budget and monthly report is available upon request. We obtain bids on all major jobs, which are also presented with recommendations to the Board for approval.The management agreement contains a specified limit on what we may spend on any particular item without specific Board authorization.This limit is set at the discretion of the Board before the agreement is signed.If there is any significant variation from the budget proforma, the Board must be consulted in advance for authorization. We may be expected to become extremely familiar with the Declarations, Bylaws and Rules of the Association and to serve as an authority on their interpretation.We also will review these documents and make suggestions to the Board as to possible improvements.We will work with the Architectural or Design Review Committee in helping enforce the limitations, and we can help review requests.We become the primary enforcer of the rules and regulations again working together with the Board to develop fair and consistent guidelines and procedures.We will be available to help mediate disputes between homeowners, and to serve as objective arbiters of the rules, guidelines, and the directives of the Board.We believe in strong, consistent enforcement of the rules so as to provide an improved quality of life for all the residents. A property manager is assigned exclusively as managing agent for your Association.That agent will have full responsibility for the proper operation of the community, will make regular visits, at least weekly, to the property, and, will be available (or will arrange for someone else to be available) twenty-four hours a day, seven days a week for emergencies.Although we will always take calls from any member of the Board, we normally request that the Board assign one member, usually the President, to act as liaison with us.That way, we avoid problems of communication and we have an established channel for conveying information both ways.We will attend up to thirteen regular meetings a year, including the annual meeting, as well as a limited number of assorted and miscellaneous committee meetings, and are always available to consult with the Board on specific problems. In general, if delegated to us, we will perform all of the tasks which are the responsibility of the Board of Directors or Board of Managers except making the actual decisions.
If you are interested in hearing more about our Association management services, please contact Tom Hast at 303-444-7575 or tdhast@hast.com
