Requirements

Article IV Section 4 – must be in good standing of the Real Estate Board of Greater Baltimore for at least three years

Finance / Accounting

Software

• Must allow all forms of payment including cash and checks as well as online.
• automatic payment into capital account
• automatic transfer into reserve accounts (set up by the banks)
• just in time vendor payment
• must provide complete expense tracking – must provide multiple views of owner request, management communications logs, management – contractor communication, and resolution to invoice, and expense. Click on expense and should see the whole history thread. Click on any node in the thread and should see the whole thread.
• Same with other expenses. Must have complete connection of expense back to origin (owner request or meeting item voted on)
• Accounts linked so that payments are automatically tracked and categorized (like good budgeting software)
• the right software could allow the unit owner to select service needed and trouble ticket / work order generated automatically.

• In all cases human input will be necessary for:

  • accounts reconciliation
  • transaction categorization initial and possible continued
  • send some sort of check, even electronic check needs user input. Seems like monthly recurring payments and recurring transfers could be automated by banking system.
  • send USPS notices (3rd party service is provided in some software, can print locally and have someone stuff envelops or contract it out. Office Depot will do this.)
  • creating the budget each year
  • initial entry of work order ticket (not sure about this. The right software could allow the unit owner to select service needed and ticket generated automatically.)
  • approval / progressing of work order / trouble ticket
  • entering violations (the most important violations are on resale)
  • establish work flows and possibly fill in other disconnects

Bookkeeper/accountant

• assessment cash payments
• Collections
• treasurer assist
• tax and 1099 assist
• bank accounts automation assist transfers between accounts
• bank account monitoring

Reporting (Must provide sample of reports)

Must provide financial reports in csv or excel

1. with data details
2. expense / invoice / description must all be linked
3. summed to accounts for current time period
4. with true excel formatted dates
5. proper excel recognized data type

Violations reports must be provided monthly, and include all discussions and communications with unit owner. any notices sent via certified mail must provide sent receipt and matching receive receipt for each correspondence sent. The report will be grouped by unit and be a temporal continuous thread of all communications with unit owner.

Assessment Delinquency Reports

1. Must be private and remove personal data. Only unit number.

Contract management

If acting as master contractor

1. must provide bids from local vendors
2. must not use a preferred vendor list
3. must not engage in contract bid rigging
4. must provide 3 bids for any services which will or may cost over $2000
5. insurance reviewing and claims submission (work with agent)

Grant Submission – must assist in obtaining grant moneys where possible.

Communications

Must be able to send notices USPS

Repairs/after hours calls

• call center daytime and after hours
• vendors to call – list plumbers, snow plow, landscapers (tree and branch removal)
• calls logged and integrated into reports