Community Management & Administration:
- Board Support: Analyze courses of action, present options /recommendations, and implement decisions, as directed by the Board of Directors. A representative from Oakbrook will attend Board, Special, and Annual Meetings, as desired by the Board. Assist the Board in planning for Association meetings and elections. Send out meeting and other Community notices.
- Management Reports: Oakbrook will provide monthly Management Reports to the Board of Directors and respond to questions – which will at a minimum include action items for Board decision and a report of the past dues, physical condition of the property, business activities, and financial condition.
- Owner Requests: Quickly respond to Owner requests for assistance.
- Files & Documents: Maintain all owner, contractor, Board files and governing documents.
- Rules & Covenants: Enforce rules and covenants in accordance with the by-laws, governing documents, and Board resolutions.
- Emergency Help: Every Community has emergencies and urgent matters that need to be handled quickly and expertly. Oakbrook maintains a list of vendor contacts that are available on a 24-hour basis to handle emergencies – whether it’s associated with an individual unit or the common area. If needed, we can be reached anytime (24/7) and will coordinate the vendor response. 911 should always be called first if there is an immediate threat to life.
- Transactional Requests: Prepare re-sale packages, lender questionnaires, and other third party Owner related requests.
Physical Facilities Management:
- Maintenance & Repairs: Oakbrook will provide first class care for the common areas, including qualified contractors to do maintenance and repairs in a timely manner. Make the Board or the Board’s representatives aware of maintenance, repair, and capital improvement needs at the property.
- Bids, Contractors & Vendors: Draft scopes of work, solicit, and analyze contractor bids for work to be done, negotiate work contracts, and monitor work for adherence to the contract – with the objective of operating a high quality, clean, attractive, and economically viable property.
- Capital Improvements: Develop and implement a long-term preventive maintenance and capital improvement plan for the property in conjunction with the Reserve Study. Oakbrook will coordinate and oversee capital improvement projects as directed by the Board of Directors. Use third party inspectors to monitor larger more complex projects.
- Inspections: A representative from Oakbrook will inspect the premises frequently and will inspect the work performed by contractors on an on-going basis. Inspections will always be made immediately to deal with emergencies.
- Handyman Services: Provide handyman services for ‘light’ maintenance and repair work thru Oakbrook billed back per the fee schedule, only as needed and approved by the Board.
Financial Management & Accounting:
- Accounts Receivables: Collect and account for monthly condominium and other fees. Maintain Owner accounts. Follow-up on delinquencies.
- Accounts Payables: Pay bills in a timely way. Verify invoices and confirm work was done. Maintain vendor accounts.
- Bank Accounts: Maintain checking and saving bank accounts and reconcile bank statements to the accounting system monthly. Set-up of all Association bank accounts along with the appropriate Board Members.
- Financial Reports: Provide monthly bank reconciliations, Balance Sheet, Actuals to Budget Performance, Check Detail, Deposit Detail, and Delinquency reports to the Board along with any additional supporting reports requested. Oakbrook uses the “accrual” basis of accounting to maintain accounting records, which is in accordance with U.S. Generally Accepted Accounting Principles (GAAP).
- Budgets: Prepare the Annual Budget for Board of Directors approval and monitor throughout the year. Continually analyze expenditures and contracts. Propose modifications as needed. Manage cash flow in accordance with the financial plan of the Association.
- Replacement Reserves: Provide for the calculation and setting aside of adequate replacement reserves. Coordinate Reserve Studies every 3 to 5 years to set annual reserve contribution levels.
- Insurance: Coordinate with the Association’s insurance agent to assure adequate coverage at competitive prices.
- Audits & Tax Returns: Coordinate at least annually with third-party independent auditor to prepare the Audit as required by the Bylaws and assure filing of required tax returns.
- Special Assessments: Calculate the allocation of any special assessments and administer as directed by the Board.