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As your Management Company, Coldwell Banker Danforth Property Management, we agree to do the following:
- Provide educational and informational materials to the Association Board as requested to assist in the operation of the Association.
- Provide professional advice and guidance in the operation of the Association.
- Provide professional and courteous service to all Board and Association members.
- Provide, at the Board’s request, educational classes for members of the Board or the Association.
- Provide one site visit per month plus scheduled meetings and emergencies.
- Manage vendors and vendor relations.
- Establish and implement maintenance schedules and arrange for the completion of maintenance work.
- Establish maintenance standards and policies governing buildings and grounds.
- Obtain proposals and/or bids from contractors and vendors for services for the Association.
- Issue work orders for needed repairs that have been authorized by the Board, and make recommendations or suggestions for improvements.
- Maintain a database of various vendors and contractors the Association’s use.
- Assist the treasurer in preparing a draft budget for the Board’s review and approval.
- Prepare a monthly financial report.
- Provide the Association’s treasurer with reconciliation reports for each account on a monthly basis, as statements are provided.
- Submit to the Board financial statements including income statements, schedule of receipts and disbursements and a balance sheet for the preceding year. Collect monthly assessments and prepare and post information on individual unit ledgers.
- Prepare and mail delinquency notices and refer serious delinquencies to the Association’s attorney upon written authorization of the Board.
- Establish and maintain all operating accounts in the name of the Association and ensure that Association funds are at all times segregated from any of managing agent’s fund.
- Timely pay from the funds of the Association’s Operating Account all taxes, fees, insurance premiums, charges and other financial obligations owed by or incurred by the Association.
- Prepare and maintain accurate payroll records for all personnel who provide services to the Association.
- Make deposits into the Association’s Reserve Accounts as directed by the Board. Provide statement for each Reserve account to Association’s Treasurer.
- Promptly reconcile all Association accounts and provide accurate financial reports regarding Association’s accounts to the Board.
- Cooperate and work with accountants designated by the Association in the performance of yearly audit or review.
- Carry and maintain an insurance rider that provides a minimum of $50,000.00 employee dishonesty coverage throughout the term of this Agreement and provide proof of such coverage on request.
- Train new Treasurers how to read reports and explain how to reconcile accounts each month.
- Upon request by the Board, secure bids for insurance coverage.
- Obtain and maintain appropriate insurance coverage for fires and extended coverage, general liability, fidelity bonds, statutory and other approved forms of insurance coverage as specified in applicable statutes and in the Governing Documents.
- Timely pay all insurance premiums and timely submit all documents required for renewal of insurance policies. Assist in processing insurance claims.
- The Board shall act as the decision making body for the Association. Managing Agent shall implement and carry out the lawful decisions of the Board.
- Managing Agent shall assist the Association with the scheduling and facilitation of meetings of the Board and of the members of the Association and shall:
- Prepare and distribute meeting notices, proxies, ballots, agendas, etc. in accordance with the requirements and provisions of the Governing Documents.
- Prepare special reports as directed by the Board and at a charge or fee to be mutually agreed upon.
- Attend up to a maximum of 12 meetings per year, including Board meetings and the annual meeting of the Association’s members, at no additional cost to the Association.
- Maintain a complete file containing copies of meeting notices, proxies, ballots, agendas, and minutes.
- Managing Agent shall assist the Association with administrative matters.
- Maintain complete records and files for the Association including, without limitation, financial records, unit owner files, owner account ledgers, correspondence, minutes, and corporate and tax documents.
- Provide one mailing per month to all homeowners. The mailing shall include a copy of Board meeting minutes and may include newsletters and financial information.
- Maintain an accurate and up to date roster of current owners and tenants.
- Provide an administrative worksheet to the Board of re-occurring Association requirements performed by managing agent.
- Promptly respond to communications from the Association’s members.
- Prepare and distribute warning letters, fine notices and other correspondence as needed and directed by the Board, and in a manner consistent with the Governing Documents.
- Work with the Board to develop and enforce Rules and Regulations.
- Maintain a list of vendor and contractor licenses, insurance, and L&I coverage.
- Provide a communication system and forms for use by the Association’s members and the Board in contacting Managing Agent and Board members.
- Provide necessary liaison and coordination with other Association agents including, without limitation, attorneys, accountants, auditors, etc.
- Provide a 24/Hour Emergency Number which is 877-269-2411.