Homeowner Associations FAQs
Does Sheraton Real Estate Management have experience working with developers?
Yes. Sheraton Real Estate Management has worked with both California-based and out-of-state developers on projects ranging from condominium conversions to large-scale PUDs with multiple principles and sub-associations.
Our Association has not had an active board for at least the last year. Should that be a concern?
Yes. The State of California mandates that your Board of Directors make decisions regarding policy and directs that meetings should be held at least once each quarter. As your Agent, Sheraton Real Estate Management will direct the daily business of the Association and make recommendations to your board. The ultimate responsibility for decision making rests with the Board of Directors.
Our Association has been self-managing for some time. Why do we need Certified Community Association Manager (CCAM) now?
During the past few years, the California State Legislature has passed a multitude of new laws which have dramatically changed with the way associations operate. With so many new legal requirements being imposed each year, association boards face the potential risk of noncompliance. This risk can be minimized by working with a Certified Manager who is required to take courses on new legislation each year, and, in turn, advise boards as to how these changes need to be implemented.
What type of Professional Management Service does Sheraton Real Estate Management offer? Sheraton Real Estate Management offers a broad spectrum of Association Management Services including "Full Service Management" and "Financial Management." We find that the great majority of associations need Full Service Management in order to effectively conduct their day-to-day business and to remain compliant with current law. Please contact Sheraton Real Estate Management for additional details and to receive a customized proposal.
What Services are included in "Full Service Management?"
Our full-service packet management is intended to cover 99% of the issues that a board will encounter in an average year. We know that associations are concerned about budgeting issues and that a regular monthly fee is the best way for associations to pay for management. This package generally includes:
- Budget preparation
- Contract negotiation and administration
- Supervision of association employees and staff members
- Management of association maintenance programs
- Management/Supervision of association recreational programs
- Primary responsibility for homeowner/resident/tenant communications and liaison
- Oversight of the Election Requirements (new 2006)
- Risk Management of association properties, activities and business affairs
- Responsiblity for the implementation of association Board of Directors' policies
- Management/Administration of association daily financial affairs
- Guidance and assistance to the Board of Directors regarding the interpretation of governing documents and affairs of the community association
- Owner/resident/tenant communications and liaison regarding the financial activities of the association
- Identification and reporting of financial anomalies to the association
- Oversight of the billing and collection of assessments and the application of the delinquency control policy of the association
- Response to escrow demand statements, requests for disclosures, and third-party requests for access to association documents
- Coordination with financial institutions regarding association funds, update of bank signature cards, investment of reserve funds and related activities
- Cause to be prepared interim financial statements and accompanying documents that comply with Civil Code Section 1365.5
- Coordination with CPA to cause to be prepared annual financial statements in compliance with Civil Code Section 1365
- Filing of various federal and state-mandated by law, included but not limited to, 1099 forms, payroll taxes, EDD requirements, federal and state tax returns, estimated tax payments
- Maintenance of vendor and supplier histories including invoices, payments, tax ID no. and other information required to properly report expenses and payments
- Maintenance of corporate financial records, either electronically or as original documents, as directed by the Board of Directors