Marvin & Floyd Realty, Inc.

Association Management
 

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Marvin & Floyd Realty, Inc. was founded in 1997 and currently manages 35 community associations encompassing over 3,000 units in the Jacksonville and Beaches area.

If your association could benefit from new ideas, new energy or new resources...if current management is stretched too thin or professional staff support is needed...if communications, meetings and other programs are falling short of expectations...it's time to learn more about Marvin & Floyd Realty, Inc., a family owned and operated, full-service management company serving homeowner and condominium associations.

 Despite significant differences, associations share three basic requirements: a need for dynamic leadership, effective management and tangible member benefits.  Unfortunately, these critical elements are not always present in equal measure.  Visionary leadership may be hampered by lack of resources or experience, crippling development of vital member services.  Perhaps needed member services are in place, but ineffective management prevents them from becoming truly effective.  The causes are different, the results the same: the association fails in its most important mission - fulfilling member needs - simply because it lacks the proper tools.  By applying creative solutions to an organization's unique challenges, Marvin & Floyd Realty helps ensure association member needs are met.  With many years of association management experience, Marvin & Floyd Realty is the high quality choice for associations of all types.

 Marvin & Floyd Realty is interested in a partnership to help you ensure programs and projects for your association are on target...on time...and on budget.

 If our approach sounds interesting we would welcome the opportunity to discuss specifically how Marvin & Floyd Realty can contribute to your association's future growth and success.

Marvin & Floyd Realty, believes that providing the proper management to an Association centers around communication.  The systems and personnel of Marvin & Floyd Realty are geared toward increasing communication between the three interrelated community groups.

 q       Residents      q       Board Members      q       Management

Residents:  There must be the ability for residents to communicate with the management company so that the management company can follow up and thereby earn the trust of the residents.  Residents must feel that the board is sensitive to their needs and desires.

Board Members:  The board and the management company must communicate to allow the board to make decisions and the management company to implement them.

 Management:   One of management's responsibilities is to promote communication as a means of accomplishing the goals of the community.

 PROPERTY MANAGEMENT SERVICES 

The Association and Manager recognize that certain physical components of the Association's property require routine services and resulting supervision.  Those components are to be maintained in a manner with standards established by the Board subject to budgetary limitations.  The property management services to be provided by the Manager relate to routine, recurring maintenance or repair services and specifically exclude major renovation, replacement or capital improvement activity.

Contracts shall be executed by the Association and the Costs related to such services, employees, or materials shall be the Association's responsibility.

 Property Inspection:  Manager shall design a property inspection system specifically for the Property and conduct inspections to maintain a current knowledge of the property.  Inspections shall be conducted on a regular basis.  Manager is aware that certain situations dictate partial property inspections on occasion and shall perform same as part of Manager's normal functions.  Manager will identify situations requiring corrective measures and take those measures consistent with Association policy and budgetary limitations.  Manager will immediately report to the Board any major items which comes to the attention of the Manager as a result of such inspections.

 Service Request Processing:  Receive and record reasonable service requests for repairs or maintenance of the Association's property as are consistent with established Association policy in a computerized database to allow for efficient follow up and report generating capabilities.  Arrange for prompt and satisfactory response to service requests for maintenance or repairs as permitted by Association policy, budget limitations, weather and contractor availability.

 Contractor Bidding Procedures:  Develop a competitive bidding process for projects and services where the cost will exceed $1,000 (or other amount designated by Board) and is requested by the Board.  Distribute bid specifications prepared by Board or specific committee to at least three interested, qualified, prospective bidders.  Receive bids and other contractor information.  Submit bids along with recommendations to the Board regarding the bids received, adherence to specifications and information on past performance (if known), which will assist the Board's decision.

 Contract Development:  Facilitate the Board's final selection of contractors for projects and services.  Assist the Association in preparing and negotiating contracts for projects and services.  While Manager will provide certain recommended contract language for routine services with Association-selected contractors, the Association will not rely on Manager for legal or technical accuracy or completeness.  Obtain relevant certificates of insurance from selected contractors providing routine services.

 Routine Service Contractor Supervision:  Coordinate the contractors providing routine services for the Association, including but not limited to services such as trash removal, pest control, landscaping contracts, etc.  Monitor contractor performance to insure compliance with contract specifications.  To support Manager's efforts, the Board shall assist in minimizing interference with contractors by unauthorized residents or volunteer leaders.

 Emergency Services Program:  Administer and insure a 24-hour, seven day per week telephone call program to respond to Association service related emergencies as defined by the Board and Manager in advance.  Maintain a list of contractors, personnel or firms in trades deemed necessary to maintain the property in decent, safe, sanitary condition.  Retained personnel or firms are subject to 24-hour call in matters seriously affecting health, safety, or a reasonable level of personal comfort.  Services provided are at the expense of the Association.

 FINANCIAL MANAGEMENT SERVICES

The Association shall authorize the Manager to bill and receive assessments and other amounts due to the Association.  Receipts shall be deposited in an operating account under the Association's name and not commingled with funds of any other party, including Manager.  The checking and money market operating accounts shall be in a financial institution that is insured by an agency of the Federal Government.

 A record of income, expenses, assets and liabilities shall be maintained utilizing either the accrual or cash method of accounting as approved by the Association.  Manager will utilize its computerized payable system which includes computer-printed Association checks.

The Association shall be responsible for providing initial financial records with audited or otherwise verified opening balances for both assessments and general ledger accounts.  To the extent available, other financial information to be provided by the Association includes prior audits and financial reports, accounts receivable records, bank statements, tax returns and vendor files.  Timely financial information from Manager cannot be provided until at least thirty days after receipt of the Association records.

 Budget Preparation:  Prepare the initial draft of the annual budget for approval by Association approximately 90 days before the start of each fiscal year during the term of this Agreement.  Assist the Association in the finalization of the budget by answering questions or obtaining additional relevant information.  Adoption of each budget shall usually occur at least thirty days prior to its effective date.  Prepare a mailing to owners of the approved budget in accordance with Association documents when requested by the Association.

 Collection of Maintenance Fees:  Prepare coupon booklets for each existing resident which will be mailed prior to the beginning of the fiscal year.  Additionally, coupon books for the remainder of the first calendar year of residency shall be supplied to all new residents upon their purchase of the home.

Accounts Receivable:  Receive and process the monthly, quarterly or annual owner assessments.  Payments will be deposited into the Association's account no later than the day  after receipt by the Manager.

 Assessment Records:  Maintain a monthly record of assessment billings, charges, adjustments and payments as received.  Respond to owners regarding their individual accounts on a timely basis.

 Delinquency Processing:  Create a system with Association establishing dates and actions Manager should take related to delinquency accounts.  These would include, but not necessarily be limited to, the number of days delinquent resulting in: late penalty and first warning letter being levied;  second warning letter (if any); and notice of intent to lien.  Administer the delinquency procedure by charging monthly late fees, preparing warning letters in the Association's name consistent with the procedure, and answering questions regarding accounts.  Prepare account information to assist the Association's attorney in any litigation.  Manager court appearances with the attorney may be an additional charge dependent upon Management Staff Time Allocations.  Issue Association copies both monthly and upon request of an aged delinquency report in a format to be approved by Association.

Invoice/Disbursement Procedures:  Develop and monitor a payment voucher system for Association.  Receive and review all Association invoices and other bills.  Prepare checks for payment of Association expenses within the Association's cash-flow limitations.  Manager will not use its own funds to assist the Association's cash-flow situation nor will Manager be responsible for the consequences of insufficient Association funds.  Maintain vendor files containing payment and invoice information.  Issue annual 1099 Forms to qualified Association vendors, consistent with IRS guidelines. 

 Financial Reports:  Prepare and maintain the records necessary to produce monthly computerized financial statements.  Provide Association Board Members a copy of the following each month:

§         Balance Sheet - list assets and liabilities as of the end of the current month.

§         Revenue & Expense Statement - list income and expenses showing the current month's activity, current month's budget, current month's variance, year-to-date activity, year-to-date budget, year-to-date variance.

§         Delinquency Report - reflecting individual charges on an aged basis.

§         Check Register - listing all checks processed.

§         Accounts Payable Report - listing all outstanding payables on an aged basis (accrual accounting only).

§         Prepaid Schedule - listing all prepaid expenses (accrual accounting only).

§         Advanced Assessments Received Report - list by owner.

Mail or otherwise distribute the Association copies of financial reports generally by the fifteenth of the following month or at the monthly Board Meeting as requested by the Board.

Other financial reports are available upon request at no additional charge.

Audit/Tax Preparation:  Manager shall at the option of the Association either cooperate with the Association's independent Certified Public Accountant in the annual, quarterly, review or compilation by making all the records books, and files available for inspection and review audit and make the CPA's recommended adjustments to the Association's records; or prepare an annual financial statement or compiled financial statement and file the annual Federal and State tax returns in house for an additional fee to be agreed upon by Manager and Board.

 ADMINISTRATIVE MANAGEMENT SERVICES

Files and Records:  Develop and maintain a filing system of the association's important papers.  Included would be such things as contracts, resident communications, public agency filings, financial information, insurance policies, resolutions, and legal documents.  Originals of all important records are maintained by Manager although they are the property of the Association.  Make the Association's routine books and records available for inspection by any owner or mortgage holder upon reasonable notice during regular business hours at Manager's regular office location.  Access to individual files shall be determined by policy of the Association.

 Communications:  Prepare general correspondence dealing with routine operational matters between the Association and residents, contractors, agents, government officials, or other entities.  Arrange for the mailing or other distribution of Notices required by the Documents or directed by the Association, including but not limited to Notice of Annual Meetings, Notice of Elections, etc.

 Insurance Administration:  Assist the Association and its qualified insurance agent in placing the required insurance by providing required information.  The Association retains sole responsibility regarding the type and amount of insurance coverage selected.  Receive and report to the insurance agent any known incident which may result in an insurance claim for which the Association may have responsibility.  This Agreement specifically excludes any activity which could be construed as "claims adjusting" on the part of Manager.  Report to the Association any accidents, fires, or other claims related to the management, maintenance , and operation of the Association's property.  Prepare the necessary information to assist the insurance carrier in the event of a workers compensation audit.

 Complaints, Rules and Administration:  Implement a computerized complaint tracking program which shall be updated as necessary with all complaints from residents, directors, Association, etc.  Activities related to the resolution of each complaint shall also be logged.  Assist the Association in the refinement and/or development of the rules, regulations,  architectural review guidelines and a rules compliance procedure.  Receive and review complaints regarding rules violations and investigate as provided by present policy.  In accordance with the Association's policies, inform, in writing, residents who are in violation of rules.  Identify those readily visible and observed rules violations as part of routine site inspections.  Take other such actions as are consistent with the Association policy to assist the Association in the administration of enforcement provisions of the Documents, Resolution, Rules and Regulations as are consistent with Association policy.  Resulting Association approved litigation which requires Manager involvement may be an additional charge.

 Policy Development:  Inform the Association concerning significant and relevant legislation, insurance, financials practices, court decisions, or tax rulings pertaining to community associations which come to Manager's attention.  Support an on-going Association development of resolutions to address important administrative and policy matters.  Offer advice and direction to the Association regarding their governing process and responsibilities.

 Unit Transition Services:  Provide basic information about the Association as requested by a seller, prospective buyer, or agent.  Manager is not expected to complete forms or applications for individual financing or for secondary market financing approval. Prepare the necessary correspondence, including payment status information, which will facilitate settlements.  Upon receipt of notification of a sale of a unit, prepare the necessary records and files required for accurate assessment billing and other communications.

 Professional Services Coordination:  Upon request, provide assistance to the Association in the selection of consultants to accomplish specialized functions for the Association in such areas as engineering, law or public accounting.  Cooperate with those consultants selected and retained by the Association.

 Meeting Coordination:  Coordinate and attend the annual membership meeting and other meetings where voting is to take place.  Prepare notices, nomination forms, proxies, mail ballots and other appropriate documentation which are required to support the meetings.  Arrange the necessary materials, procedures, personnel, and otherwise support the operation of those meetings.  Costs (other than those specifically designated as Manager's responsibility) related to membership meetings shall be borne by the Association.