HOA Financial Operations

– All of J & N Realty, Inc.’s Condo and HOA managers are properly educated and trained in property and condo association management laws and regulations and can help the Board of Directors with regulatory issues, compliance requirements, rule enforcement, maintenance, and any other matters a real property, homeowner or condo association may face at any time during its existence. Our managers are also intimately familiar with the Federal, State, and local landlord-tenant and fair housing laws.

– J & N Realty, Inc. has extensive experience at and is well versed in the management of troubled or distressed townhome, townhouse, and homeowner association (HOA) and condominium property (condo) communities in Los Angeles. Such HOA and condo developments have been grossly mismanaged or neglected or both by their current management companies or have been the victim of incompetent self-management. We are extremely skilled at and successful in collecting delinquent assessments and enforcing governing documents. We have turned dozens of homeowner association and condominium property communities around and have helped numerous distressed common interest developments, HOA and condo association projects get back on their feet in the Los Angeles county and its neighboring communities.

– Since it is rather hard to find contractors to perform small repairs at a reasonable price, we have our own repair and maintenance crew to do small jobs. By using our in-house crew for small jobs, we have full control over the crew’s performance, job cost, and over the outcome of the jobs.

– We provide the Board of Directors with accurate, easy-to-understand, and complete financial statements in a timely manner.

– Our staff members are knowledgeable enough to be able to coach and guide the Board of Directors and to offer them professional advisement on practically every matter affecting the management and operation of condo property developments. They are also trained and competent to perform the accounting, taxation, budgeting, and reserve planning for any condo association.

– J & N Realty, Inc. accepts only those engagements which our HOA and Condo Managers can reasonable expect to perform with professional competence.

– Our Condo and HOA Managers will act as a fiduciary on behalf of the Board of Directors in handling the association’s financial affairs and will put the association’s interest above the manager’s own.

Financial Operations

– J & N Realty, Inc.’s Condo Managers:

1. Bank Accounts

– Establish and maintain in a bank approved by the Board, whose deposit is insured by the FDIC, a separate bank account in the name of the association. Our staff will have authority to draw thereon for any payment to be made to discharge any liabilities or obligations incurred pursuant to our contract with the condo or homeowner association.

2. Assessment Collection

– Collect all assessments, late fees, collection charges, and fines due from the members of the association. J & N Realty, Inc. will be authorized to request, demand, collect, and receive any and all charges and assessments which at any time become due to the association and to follow up on delinquent charges and assessments with timely notices. Condo managers will, at the request of the Board, initiate legal proceedings required for the collection of delinquent charges and assessments against unit owners.

– As a matter of standard practice, furnish the Board with a summary of all delinquent accounts on a regular monthly basis.

3. Cash Disbursements

– Disburse regularly and punctually funds deposited in the Association’s accounts. Property managers will submit to the Treasurer monthly an itemized statement of the Association’s expenditures.

– Advise and, when authorize, endeavor to expend Association’s funds to achieve the greatest benefit for the homeowner association.

4. Budget and Financial Management

– Prepare an annual preliminary Pro Forma budget setting forth an itemized statement for the anticipated income and expenses for the forthcoming fiscal year, together with a recommended schedule for assessments.

– Assist the Board in developing two and five-year narrative plans of operation. These plans will be outlines for budget construction and support for the Association in an effort to chart a course for future operations. Property managers will assess future operations and requirements for adequate reserve and operating funds to provide for equipment replacement and projected building deterioration.

5. Filings

– Prepare for execution and filing by the Association all forms, reports, and returns required by law regarding taxes now or hereafter imposed.

6. Books and Records

– Maintain a comprehensive system of office records, books, and accounts in a manner satisfactory to the Board and to such auditor as are retained by the Association. These records will be subject to examination by the Board and by the members of the Association.

– Make books and records available for inspection by the Board of Directors and members of an association in accordance with the governing documents and applicable law.

7. Financial Management Requirements

– Perform accounting using the accrual method for all financial reports.

– Continually review receipts and expenditures and provide notice to the Board of actual or pending obligations that appear to represent an adverse trend relative to the adopted budget.

– Do not commingle association’s funds with any funds with the funds of other Associations.

– J & N Realty, Inc. manages every property and condo property association in a proactive manner by anticipating problems and solving them well before they become apparent to the Board of Directors. Our formal training and vast knowledge in property and condo association management enable us to see developing and lurking problems that other managing agents may miss, consider unimportant, or just simply do not care about.

– We endeavor to maintain a consistently high level of customer service and performance quality. High standard of customer service and professionalism are the qualities upon we have been building our business, and we do not intend to grow so big that we fail to fully promote and protect the interests of our greatest asset — YOU.

– Our HOA and Condo managers provide the Board of Directors with accurate, easy-to-understand, and complete financial statements in a timely manner. Our financial statements are maintained using accrual accounting methods and with strict adherence to Generally Accepted Accounting Practices (GAAP) and industry standards.

We Combine Academic Excellence And Extensive Business And Management Experience To Respond To Our Los Angeles Condo Clients’ Management Needs.

How to deal with elevator breakdowns

If a condominium property has an elevator, it is important that the HOA’s employees know the proper steps to take when a passenger-filled elevator breaks down. If the employees do not take the proper steps and passengers get injured during the breakdown, the condo could get sued.

To reduce the chances of facing a lawsuit, develop elevator breakdown procedures if these are not already in place and put them in a memo. The memo should focus on communication with the passengers and waiting for expert help.

Informing members about renovations

Homeowner association common area property renovation projects can be a nuisance to HOA members. While most members are usually supportive and tolerant of those projects because they realize they help to make the condominium a better place to live, not everyone feels that way. One way to keep member complaints and dissatisfaction to a minimum is by being upfront with HOA members and telling them in advance what is happening.

You should send every condominium property owner a letter to announce a planned renovation project. The letter tells members about an upcoming renovation project, explains how the project will benefit them, notes when the work will take place and what inconveniences they can expect, and includes a telephone number and an email address for condo members if they have any questions about the project and how it will affect them.

How to make your unit more energy efficient

Telling HOA property members how to make their units more energy efficient can help them save money, which might lead to fewer delinquencies. Send a letter to condo members suggesting that they use ENERGY STAR products and appliances and low-flow faucets, showerheads, and toilets. You should also suggest that they insulate walls, water lines, and water heaters, and put weather stripping on doors and caulk around exposed pipes.

Basic information about bedbugs

Getting rid of bedbugs can be extremely difficult: they multiply quickly and can move easily form one location to another. Bedbug problems have been spreading in recent years, sparking much concern among public health and housing officials. Successful bedbug control requires preventive measures and quick responses by HOA property owners and managers, intensive pest control service, constant follow-up, and a high level of condominium member cooperation.

HOA members’ maintenance tips to prevent leaks

Although homeowners associations often give landscaping and cleaning services priority because the benefits associated with those activities are readily visible, they often ignore preventive maintenance – at their own peril.

Drainage failure and building envelope failure are the main reasons for leaks. Because of mold, the liabilities for leaks and moisture intrusion are costlier than ever for condominium property associations. This reason alone makes preventive maintenance and vigilance for potential leaks a vital concern for condo property association.

Winter and harsh weather can erode your HOA’s buildings. That is why it is wise to review your condominium property association’s preventive maintenance priorities every spring and to make sure your roof and building exterior will last for many more seasons. In addition to staff, members of the property can do their part to ensure that rain water drains properly from their windows, outdoor balconies, or patios.

Recognizing Outgoing Board Members’ Efforts

One thing homeowners and community associations can do to get outgoing can do to get outgoing board members to cooperated with their successors is hold a special dinner or lunch in their honor. Most board members serve because they want to benefit their property and community and will appreciate recognition of their sacrifices, efforts, and achievements. In conjunction with the dinner, the condominium property may pass an “executive resolution” declaring a day of honor of the outgoing board members. The executive resolution can be printed up as a simple certificate and framed or made into a plaque.

Code of Conduct for HOA Board Members

Homeowners or condominium association board members who act inappropriately can cause big problems for their properties and communities. For example, a board member who harasses or physically assaults another member may cause lawsuits to be filed against the HOA. That is why it is important to take steps to encourage constructive behavior and discourage inappropriate behavior. One way to do this is to create a code of conduct that all board members must follow. A board member code of conduct promotes a more stable environment, thereby making the board more efficient.

A Model Code of Conduct should require board members to do what is best for the condominium property association as a whole; comply with governing documents and relevant law; hold themselves to high standards; work within the HOA’s framework and refrain from unilateral action; behave professionally at meetings; maintain confidentiality when appropriate; disclose any conflicts of interests; refrain from defaming anyone the property; refrain from interfering with management staff and contractors; and refrain from using member’s keys, except as authorized by the governing documents. The code should also explain how violations of the code will be handled.

To increase the likelihood that your board member will abide by the code of conduct, require each of them to sign and date a copy of it before they are allowed to serve on the board. In addition, have new board members stand at their first meeting as members of the board, face the community and promise to abide by the code of conduct.

J & N Realty, Inc. — real estate, property, planned unit development (PUD), townhouse, townhome, hoa, condo, condominium, homeowner association, common interest development (CID) management services in Los Angeles.