The monthly assessments are mailed around the 20th of each month. Any minutes, newsletters or other appropriate notices are also included. For convenience, a return envelope is included. Homeowners are offered the option of paying the monthly assessment by direct debit. The collected funds are recorded and deposited directly into the association's operating account that is segregated form all other association's operating accounts.
We monitor collections, send 30 day notices and demand letters in an attempt to reduce the expense and delay caused by litigation. If these methods fail, we then work with the Association's attorney to facilitate the collection process.
The invoices are recorded, the checks are computer generated and paid directly from the operating account. These payments would include all association expenses such as tax payments, utilities, payroll and other normal operating costs. We are currently banking with Citibank of Highland Park.
The payroll is processed as required. We will be responsible for filing all quarterly and year end payroll tax returns, keeping accurate records of vacation time and sick days.
We do not require access to your reserve account. If money is dispersed from the operating account to the reserve account on a monthly basis, we only need the ability to endorse and deposit the monthly check. We will need a copy of the monthly reserve account statement to record any activity on the monthly Financial Statement and will communicate with the Treasurer to coordinate the transfer of reserve funds.
Our flexibility allows us to create or tailor reports for each Board's specific needs. The basic monthly Financial Statement we have attached consists of:
- Balance Sheet
- Income Statement with monthly and year to date comparisons
- Cash Disbursement Report
- Check Summary
- Account Receivable Detail and Summary
If additional statements are required, we will work closely with the Treasurer to produce the appropriate report.
If your fiscal year begins in January, we start the budget process in September by providing a working draft of the proposed budget. After meetings and discussion, the budget will be completed in October or November and presented to the homeowners in November or December. This will enable the association to implement the new budget as of January 1.
Physical Plant Management
Fox Management will monitor and supervise the maintenance staff and contractors. We will also implement a preventive maintenance program designed to extend the useful life of major property components. We will solicit and analyze bids, and negotiate with contractors in order to present recommendations to the board. When necessary, we work very well with outside architects and engineers. During a project, we will be on-site to monitor the progress of the job.
We can keep building supply and equipment inventory as needed.
The Fox Management Work Order System consists of two working documents:
- The Work Order Form contains all information necessary to complete the job and initiate billing when required.
- The Work Order Log maintains the status of each work order. The log will be presented each month along with the management report.
However, any system is only as good as the people who administer it. Fox Management is known for its commitment to outstanding customer service.
A comprehensive inspection of the property will be done twice a year and a report will be presented to the board. Informal inspections will be performed at a minimum of once a month.
We will attend all monthly board of directors meetings. The Chief Financial Officer attends one budget meeting and the Insurance Manager will make an annual presentation prior to the renewal of the association’s insurance contract.
We will provide notices and post them as your declaration indicates. We will prepare an agenda and monthly report on the current state of the association. This packet will be sent to the board members several days prior to the meeting for their review. We have found that a well-informed, well-prepared board can accomplish everything on the agenda in a timely manner.
We will distribute the annual meeting notices, candidate information sheets and proxies based on the requirements of your declarations and the Illinois Condominium Act. We prepare the ballots and monitor the voting process at the annual meeting.
Books and Records
All the books and records are maintained and available to any homeowner within 48 hours notice.
Our Insurance Manager is responsible for:
- Reviewing all Association insurance policies
- Obtaining competitive bids
- Handling claims
- Working with the Board on risk management
She is always available to consult with unit owners in regards to specific questions regarding their insurance needs. This unique service is included as part of our standard management package.
Sale and Refinancing Policy
We will process all needed documentation provided to us by mortgage lenders, appraisers and Realtors required for sales and/or refinancing of units. Our ability to do this in a timely manner has been a great asset to homeowners.
Natural Gas Purchase Program
There are now several options for the purchase of natural gas. We will review your current program and make recommendations for savings where available.
Master Insurance Program
Fox Management Group is currently developing master insurance policies for workmen’s compensation, health insurance, umbrella liability and boiler and machinery coverage. Significant savings can be obtained through participation in these programs.
Full monthly management for the condominium association is $550.00 per month for a total of $6,600.00 annually.
Postage will be billed monthly at actual costs.
Printing will be billed monthly at .12 per copy.
The initial banking set-up costs for checks, envelopes, deposit tickets, and endorsement stamp are approximately $175.00.
Processing of unit sales is $150.00 and unit refinancing is $50.00, demand letter for non-payment of assessments is $50.00. These costs are payable by the individual unit owner and not the association.