Accounting services only for HOA

Patti - you are smack dab in the middle of the state that has the most HOAs in the country!!

You can't find a PMC experienced in HOA administrative duties?

Ask your HOA neighbors for recommendations.

Also, when bidding out this job, consider hourly wages for what you describe as the "job description duties" you need done.

Patti, there are large number of associations in Hoosierland that are self-managed and only use an attorney and a bookkeeper (not even an accountant). Many are exactly as you describe your situation--few amenities, limited contract supervision needed, few members, limited budget etc. They fare exceedingly well. Indeed, professional management is the exception, rather than the norm here. (The local CAI chapter even seems to have become inactive.)

I would encourage you to seriously consider self-management. Look around for a bookkeeping service in the area that works with small businesses. There may be some that will even handle dues and prepare checks for signature and well as prepare your tax return. You already have an attorney and probably an insurance agent. You do not need an accountant with association experience.

Perhaps the explanation for poor results with professional management has been the size of your association. Providing good service for just $10,000 annually simply may not be profitable for the management company.

Two caveats. Florida law is complex--it will put an extra burden on board and committee members to know and follow the law. It will also require that periodic state reporting is completed and submitted on a timely basis. And, be sure that your board and volunteers do not end up being the "covenant police." A great value of professional management is third-party enforcement.

I encourage you to self-managed, given the situation you describe.

Thanks, Carey, Will do so now!

Peter - sounds like you are doing a good job there.

Can I ask: I suppose you are paying per hour for the billing, etc.

How many hours does the CPA put in for dues/assessment billing & collections?

How many hours does the recording secretary bill you? Does her service include actually attending all meetings, transcribing the minutes and providing them to each member?

Susan & Robert: I’ll try to answer your questions.

We have an annual contract with our CPA firm. We looked for and found a firm that does a number of HOA books, so they are familiar with the process and the requirements. Our dues are paid once per year, so that simplifies that aspect. Our contacts with the firm are mostly email and that helps keep the costs down. Since we pay a flat rate, the hours that it takes to do the job are not relevant (to us).

We hired the recording secretary so we could get quality meeting minutes as well as maintain a resource for other admin requirements. She attends the monthly Board meeting, prepares and re-edits the minutes – total is about 4 hours. We post our minutes to our web site and the central bulletin board.

All our contractors are supervised – some more than others. We have a full-time security group (our employees). They are supervised by a resident and paid by a payroll services company. We have a group of residents (usually 5) who check on the work the landscaper does. They report back to a member of the Board who acts as the interface to the contractor. Depending on the dollar value of the work, there will more or less supervision.

We have no ‘office’. But since we have employees at the guard house, there is always someone available. We have an email address and a voice mail number for resident issues. The Board responds to both.

We are ‘self-managed’ in the sense that no one – other than the Board is responsible for anything. We work for the residents and ask that they report issues and problems (which they don’t always do) and we ask for volunteers (which they don’t always do) to assist the Board.

We hold and watch the purse! The current Board has aggressively attempted to improve maintenance in the common areas and keep costs down. We have implemented a ‘standing-rule’ that requires bidding and re-bidding all contracts over $500. And amazingly, some of our costs have decreased significantly.

Several of us on the Board are ‘business’ people – either active or retired. I don’t think we would be perceived as empire-builders.

peter

Peter: this sounds like a great idea. Is this person part of the CPA firm? Or part of a property management company? In other words, is this person a "professional recording secretary," who is part of a larger corporation? Or a freelancer of some kind?

How did you recruit her?

Peter,
Of course you recognize the main ingredient for your success Peter.
You all are to be congratulated. Not one size fits all here and we all read your post and think how can we apply that where we live. Truth be known it could be applied to nearly all associations of around 100 units condos and a couple hundred HOA. The resources are there(owners) the motivation is not, which is a horse of a different color. In reality, you need a solid core of full time residents in numbers that would, by chance, provide you with the erpertise you want. Next you need a number of these folks that can devote the time necessary, especially in condos with day to day stuff. That more or less means you need at large number of retired people smart and knowledgeable enough to do the job. Certainly not 100% but significant pool of retired folks. Nothing wrong with that, it has it's rewards and there is nothing better than doing a job well.
But such a comples mish mash of associations we have.......unbelievable.

DebbieK,

Yes, please let me know how to get in touch with you to discuss.

This is an old post from 2008. Please make a new topic if your going to respond. Thank you.