Consulting Services Available:
- Administration and Governance: Assess and report on current status association's administration and governance procedures.
- Collections and Delinquencies: Some HOAs suffer from severe or habitual delinquent assessments. We can work with your Board to find ways to reduce the severity of delinquent assessments.
- Developer to Owner Transition: HOA guidance for developer and association during phased construction to ensure a smooth transition of control to the Owners and the practical implementation of the association’s governing documents.
- Education: Through notification of educational sessions, such as workshops, forums or panels on specific topics or more general HOA culture Owners and Boards increase their understanding of Association living.
- Financial Management: We can prepare and mail owner statements, collect receivables, pay invoices, reconcile bank accounts, prepare financial statements, and assist with budgeting. The Code of Virginia requires Associations to following Generally Accepted Accounting Principles (“GAAP”). We will:
Prepare financial statements according to GAAP
Use the accrual basis of accounting
Provide full financial statements
Separate maintained fund balances
Deposit reserves in a separate account for significant repairs or common property replacement
Provide analysis of the reserve study
Propose an operating budget in accordance with responsibilities
- Inspections: We can conduct common area inspections or individual lot/unit inspections and send notifications to owners with non-compliance issues.
- Insurance and Risk management: Loss is usually associated with property and liability, but your finances may also be at risk. Adequate insurance is necessary, but this is only part of the program. Assistance is offered for all aspects of managing your risk and complying with your governing documents and the Code of Virginia.
- Legal registrations and filings: Assistance with legislative and regulatory compliance. We will work with your attorney to translate any legal advice and opinions into practical working solutions.
- Meetings: We can assist Boards in conducting smooth and amicable meetings as well as offer advice on the proper meeting procedures and documents. We can also provide assistance with meeting preparation and board packets, meeting structure and responsibilities, voting/elections, accuracy and drafting of minutes.
- Reserve Fund Analysis: Review annually with updates or full analyses and incorporate in the budget preparation.
- Rules and Regulations: Rules should be created in advance of when needed, not in reaction to a perceived breach. FVCmanagement can review your rules to address the needs and responsibilities of your community.