HOA Consulting

 INFORMATION  ……  EDUCATION  …..  DIRECTION

Sometimes we just need to get our homeowners association back on track. A little guidance, more information, advance our education, fine tune our administration, enhance our governance … whatever the reason, Summit HOA Services can help.

SUMMARY OF THE MANY SERVICES OFFERED:

  • Administration and Governance – assessment and report on current status association’s administration and governance procedures. Please review our detailed introduction to an HOA Administration and Governance Assessment.
  • Articles – inform and educate your owners by including our articles in your HOA communications.
  • Bookkeeping – take the financial recording offsite. We can prepare and forward periodic owner statements, collect receivables, pay invoices, reconcile bank accounts, prepare periodic financial statements, assist with budgeting, and more!
  • Collections and Delinquencies – in such a troubled economic environment, many HOA’s are suffering from severe delinquent assessments. Embarking on the road to foreclosure does not necessarily address the predicament. We can work with your HOA to reduce the frequency and severity of delinquent assessments and help reduce the resulting financial burden.
  • Communications – how does your HOA communicate with its members; direct mail, newsletters, website, organized owner gatherings? A sound communication plan encourages owner involvement. We can help advance your communication plan.
  • Developer transitions – HOA guidance for developer and association during phased construction to ensure a smooth transition of control, the practical implementation of the association’s legal documents, and, most importantly, to help reduce the developer’s exposure to liability.
  • Education – current Colorado State laws require certain annual educational events. Through educational sessions, such as workshops, forums or panels, we can educate your owners on specific topics or more general HOA culture, as well as increase the level of involvement from your members.
  • Insurance and Risk management – reduce your exposure, be prepared. Loss is usually associated with property and liability, but your finances and personnel are also at risk. Adequate insurance is necessary, but this is only part of the program. Assistance is offered for all aspects of managing your risk, including disaster planning, security infringements, financial well being, and staff planning.
  •  Financial oversight – many HOA’s fail to conduct their financial affairs correctly. Both Colorado State and the IRS require specific financial reporting requirements, which include:
    • financial statements prepared according tthe Generally Accepted Accounting Principles (“GAAP”).
    • the use of the accrual basis of accounting
    • full presentation of financial statements
    • separate fund balances maintained
    • reserves set aside for significant repairs or replacement of common property
    • reserve analysis should agree to and support the operating budget
    • meeting minutes that indicate adoption of budget and reserve plan
  • Legal applications – assistance with annual disclosures and legislative compliance. We will work with your attorney to translate any legal advice and opinions into practical working solutions.
  • Maintenance chart – determining where responsibility lies for maintenance and repairs, particularly within a condominium unit, can be a daunting task. We can provide a maintenance responsibility chart that summarizes the respective tasks identified in your governing documents and subsequent board resolutions.
  • Management – whether self managed or professionally managed, an independent viewpoint is often all that is needed to resolve a management dilemma.
  • Meetings – we can assist the board in conducting smooth and amicable meetings as well as offer advice on the proper meeting protocol using Roberts Rules. Assistance with meeting preparation and board packets, meeting structure and responsibilities, voting/elections, accuracy and distribution of minutes.
  • Reserve analysis – updates or full analyses. Detail can be found on the Reserve Analysis Page.
  • Rules and regulations – rules should be created in advance of when they might be needed, not in reaction to a perceived breach. Be prepared and ensure your rules are addressing the needs and desires of your community. Amend or remove rules that conflict with the overriding document(s). Enforcing rules improperly, or even too harshly, can lead to major tension within the community. Let’s ensure the rules are appropriate, reasonable and enforceable.