Professional Services
  • Professional Services
  • Accounting
  • Board Meetings/Minutes
  • Community Management
  • 24/7 Customer Service
  • Monthly Financial Reporting
  • Preventative Maintenance
Key Personnel
monticello

Basic Community Management Services

  • Accounting services – assessment calculation; billings; budgeting;
    collections/ delinquencies;disbursements; monthly financial reporting;

  • Administration of the day to day services - working with contractors;
    risk/insurance; property asset management; reserves and reserve funding;

  • Administration of the Rules & Regulations - walk-thru site inspections;

  • Board/owner meetings -  attendance by community manager; meeting
    facilitation; election administration; recording of minutes;

  • Closing services;

  • Customer service - 24/7 direct to your community manager; telephone and email;

  • Monthly management reporting;

  • Preventative maintenance plans;

Our programs are a commitment to both the goals and concerns of the owners and residents.

Accounting Software
Monticello Management's accounting systems are computerized with state of the art software which
provides a multitude of financial reports enabling our clients to plainly see their current financial position;
clearly determine whether or not they are hitting the benchmarks they have set for financial activities and
decide if they wish to take action, such as take on addition projects or scale back on certain investment
activities.

Our software
  •        is AICPA and GAAP compliant;
  •        is fully integrated with the various banking institutions our clients choose to use;
  •        allows for current up to the minute financial data including bank balances, checks cleared, etc.

Budgets
The budget may be forecasted in three segments: Operating segment; Capital Reserve/ Replacement
Segment and Capital Reserve Maintenance Segment.
Monticello Management works with the board and or its respective committee on the annual budget based
on the current year's spending, the wants and needs of the board for the coming year and the forecasted
economic climate.

Delinquencies
Each association should have a collection policy/resolution in place clearly stating how, when and what
action will be taken when assessment fees are not received in a timely manner.

The collection process itself is also a tightly scripted process so as to comply with the requirements of
governing documents, local statutes, and the Fair Debt Collection Act.

A delinquency summary is routinely provided several days after the grace due date. At the direction of
the board of directors, Monticello will take action in house, in accordance with the collection policy, or
will send delinquent accounts to counsel.

Disbursements
Monticello assumes responsibility for all disbursements with Board of Directors’ approval and will make
payments for budgeted operating items.

Monthly financial report
Our Audit ready monthly accounting report consists of the following:

  •        Balance Sheet;
  •        Bank Reconciliations - with their respective bank statements and canceled checks;
  •        Delinquency Report;
  •        Open Payables Report;
  •        Pre-paid Assessment Report;
  •        Monthly Profit and Loss vs. Budget Report;
  •        Monthly Check Register.

Management-transition plan
  • The Transition Plan is constructed in the spirit of minimizing the disturbance to the owners,
  • Assuring that all relevant data is properly transferred,
  • Management will notify Unit Owners/Shareholders and vendors of the change in management.

Property asset management
Maintaining buildings and grounds is a planned program.  The addition of a strong preventative
maintenance program can add years to many of the major mechanical components of an association
as well as its structural components.  

At the inception of our contract, management will review the documents to determine the responsibility
of the maintenance and replacement of the following three segments of property:

  • General Common Elements
  • Limited Common Elements
  • Owner's Unit/Property

Following the above determination, a maintenance plan will be formulated and put in place for each
segment.

Rents and Assessments
Monticello Management offers a number of methods for billing and collecting rents/assessments:

Billing Methods:

  • Annual, Semi Annual or Quarterly,
  • Coupon Books,
  • Mail, Email, Electronic Invoices.

Payment Methods:

  • Automatic Payments Withdrawal (free of charge to owners and association),
  • Credit Card Payments,
  • Check Payments,
  • Online Payments,
  • Lock box Payments,
  • Third Party Payments.

*Reserves or Replacement Funds
Closely related to the Operating Budget is the development of a Reserve Budget. The Reserve Budget
is specifically designed to fund for the long-term care and replacement of the common property's Major
Capital  Components.

*Reserves are those funds set aside on a regular basis for the maintenance and repair or replacement
of major common and limited common elements such as the building envelope and mechanical systems.

Risk Management/Insurance
All associations face exposure to loss in four areas:

  • Property,
  • Liability,
  • Income,
  • and personnel (whether staff, contractors, or volunteers).

Many associations rely solely  on basic insurance requirements, noted in their documents, to deal  with
the  possible adverse consequences of a loss in these four areas.This basic insurance may not provide
adequate coverage  since it may be outdated or limited in scope.  Management will  review the  current
coverage and discuss have the board's agent or another review.

    Working with contractors
    All communities work with contractors.  Working with contractors involves          
    assuming risk and represents an opportunity to negotiate pricing and
    warranties.

    Once the Board selects its contractor/winning bid the exact language of the
    contract must be crafted (including warranties) to protect the association in the
    long run as well as to manage the transfer and control of the risk created.

    Management, working closely with counsel, will put together the contractor
    package securing the proper contract, warranties and insurance.

Emergencies 24/7
Monticello Management maintains a twenty-four (24) hour, seven (7) day per week
emergency contact program with each association community manager.

Service requests and any other questions regarding billing, statements, or any other
topic may be made online at anytime and will be responded to within twenty-four (24)
hours or sooner.
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