Our association has some unique requirements. Can you customize your service for us?
Yes. In nearly all cases we can provide the service you require. We are highly flexible and attempt to provide all necessary services for our clients.
If we hire HOA Financial Management Services, will we be locked into a long term contract?
No. You can cancel at any time upon providing a 60 to 90 day written notice.
Will you assist us in preparing an annual budget for the association?
Yes. We will prepare a draft for the board’s review and approval.
Does your firm assist homeowners who are selling their property or refinancing their property?
Yes. We have a highly experienced escrow division, and we can also assist your condominium community to become FHA-VA approved.
What is the purpose of a lender's questionnaire?
The lender will not tell you this, but there are two purposes behind the lender's questionnaire. The first is to obtain information about the association and loan applicant in order to assist the lender in making a loan underwriting decision. The other purpose is to transfer risk to the person signing the lender questionnaire as well as the association. Should the borrower fail a make any future payments on the loan, the lender will examine the lender's questionnaire in order to determine if any of the information was incorrect so they can claim a material misrepresentation was made or possibly fraud. This gives them the ability to file a lawsuit against the individual signing the questionnaire and/or the association to cover them for any losses the lender may suffer including the cost of repurchasing the loan if it had been sold to an investor.
It is for this reason that it is critically important for the person signing the lender's questionnaire to exercise great care and to be accurate.
Will your company assist us in getting our property FHA-VA approved?
Absolutely. FHA-VA project approved is very important. The formalized approvals increase property values while tllarking it easy for owners with these loans to refinance their properties when desired.
Does your company make it a practice to scan all important documents and communications?
Will you review our insurance coverage?
Yes. We have an insurance administrator who will review your insurance policies annually and will make recommendations.
What is the difference between a Certificate of Liability Insurance and a Declaration Page?
There are significant differences. See: Certificates of Liability Insurance - Declaration Pages.
Do you recommend that homeowner associations carry worker’s compensation insurance and earthquake insurance?
Absolutely. Associations that don’t carry these coverages are taking huge risks, including becoming a defendant in one or more lawsuits.
What property management accounting software do you use?
We use Appfolio which is a first-class software designed specifically for property management companies.
How often do you generate financial reports?
You will receive a comprehensive financial report on approximately the tenth day of each calendar month, and a year-end report that you can provide directly to your tax preparer.
Can you track building operating expenses for each individual unit?
Our homeowner association was suspended because our management company failed to file our tax returns. Can you assist us in getting our HOA revived?
Yes. This is a very serious matter that must be addressed immediately.
Do you earn money on your trust accounts?
All trust accounts are non-interest bearing accounts. However, accounts do earn analysis credits that offset bank charges.
How often do you pay contractors and vendors?
We write and mail checks weekly. Paying contractors each week results in better service.
Does your company have anyone on staff who has knowledge and experience with HOA insurance?
Yes. We have an insurance administrator who has more than 20 years of direct experience with homeowner association insurance in California. He can advise your board on nearly any issue dealing with HOA insurance.
Do you handle assessment collections in-house or do you use an outside HOA assessment collection company?
Most of our collection work is handled in-house by our collections manager. Some functions may be handled by Pacific-AssociationCollections.com which is owned by our collections manager. Pacific-AssociationCollections.com provides collection services to management companies and community associations located throughout California.
Does your company belong to any professional organizations?
Yes. We are members of the Greater Los Angeles Chapter of Community Associations Institute (CAI), the Channel Islands (Ventura) Chapter of Community Associations Institute (CAI), and the California Association of Community Managers (CACM).
What hours are you open for business?
Monday through Friday from 9:00 am to Noon and 1:00 pm to 5:30 pm. Board members are provided the cell phone numbers of our Senior Management so they can be reached directly in the event of an emergency.
Does your company contribute to any charitable organizations?
Yes. We contribute to St. Jude Children’s Research Hospital and Shriners Hospitals for Children. See Charitable Contributions.
We appreciate your business.
HOA Financial Management Services