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TomS12 (Florida)
Posts: 19
Posted:
I'm on a new committee to solicit prospective HOA MCs. Community is 700 homes and North of Tampa near the Gulf Coast. I'd like to know if anyone knows of reputable MCs for a community of our size. We'd like at least 5 choose to from if possible.

I'd also like any recommendations on the following:

1. Is is better to hire a CPA to handle the finances because they're bonded where MCs aren't.
2. A good rule of thumb for how long a prospective MC has had their LCAM.

Thanks for any suggestions/recommendations.
AnnaD2 (Florida)
Posts: 960
Posted:
Hi Tom! I, too, am on the central gulf coast of Florida. I could tell you who NOT to use as a management company, but I won't. The best advise I could give is when you receive bids from management companies, to get names of other properties they manage, then do your homework. Talk to board members of other associations and get their opinions of their management company. I wish you a lot of luck!
GloriaM (North Carolina)
Posts: 829
Posted:
Tom:

Just for clarification on #1 in your post that MC's are not bonded, is not true. Of course you would need to check to make sure if they are or not. However my company is bonded for 1 million, so your statement is incorrect.

Unfortunately I cannot recommend on a MC in Florida since I am not familiar with any. I wish you luck in your quest for finding a good MC.
MaryA1 (Arizona)
Posts: 7,043
Posted:
Tom,

The reason for hiring a CPA to do the taxes is because that is the job of a CPA. It's not the job of a prop. mgr and I really doubt a prop. mgr would want that resp. Any who is paid to prepare the taxes must sign the tax form as the paid preparer and they do have some legal obligation in doing so. Even when I worked as an accountant at a CPA firm and prepared countless corp. tax returns, I never signed them; my boss, the CPA, always did.
JohnM3 (Florida)
Posts: 288
Posted:
Tom: Been on a BOD for 21 years. Scottsdale Insurance of Arizona carries a policy called bod members and mc bonding. That protects all your funds and monies. Elect or appoint someone to be treas and put him or her in charge of your monies. Once a year go to American Express and ask them what they charge to do a year end audit. Remeber year end only 1200-1500 bucks Full audit is 5-9thousand. Fl law only requires a year end audit. Being over 200 members it is manditory to do a audit.
Further to additionally protect your monies go to your bank set up a lock box and use monthly statements. There is a company we use in NC that prints folds and mails out our monthlies. Cupon books stink and they get lost by your members monthly statements are much better. To protect your money a little bit further check your docs for what the Treas is supposed to do, make all checks 2 to 3 signatures to prevent skullduggery. Any checks given to your MC must be sent via courier to your bank BANCO POPULAR does that for free. In addition have your mc xerox all checks they touch before being sent to the bank. You have then stopped all ways I have seen funds misappropriated in my 21 years.
On the MC follow the logic that you want a list from every MC of whet HOAs they handle and call every one of them. If they refuse then keep on looking. The City Clerk of your city has to maintain a listing of every HOA as well as names and so forth. Go to the list ask them who they use and ask them the questions like how bad are there pms and so forth. Got it now go forth and make us all proud of your efforts.
PS to get telephone numbers go to whitepages.com and type in the bod members names and away you go. The web site will give you numbers but not street addresses
TomS12 (Florida)
Posts: 19
Posted:
John,

Thanks very much for your detailed information. I will bring it up at the meeting this eve. So are you saying that FL MCs do NOT have to be bonded? If so, then I intend to make that a major with to our committee and the BOD.

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