INTERMEDIATE LEVEL SERVICES (LEVEL II):
In addition to the Level I services for Level II we provide Financial Services, Annual meeting attendance and assistance and preparation of end of the year tax reports including the federal income tax return, 1099s and 1906.
The financial services include paying bills and printing financial statements as a part of the monthly report you receive.
We also assist the Treasurer with preparation of the annual budget.
Bills are typically paid twice a month, sometimes weekly and are only paid upon the written approval of the President or the Treasurer of the Association. No invoice or bill will be paid until and unless it is approved and that approval is in the file (some Associations do not require approval of amounts under $100.00). If the Board elects to do so we will pay utility bills and other regular monthly bills that are consistent with prior bills.
We prefer to be a co-signer on the checking account. Some of the Associations elect to keep the checkbook and mail us a monthly detail for inclusion in the financial reports and some of the Boards prefer to come by our office and sign the checks as opposed to Redbud signing. It does not matter to us, however, we can not deliver checks and we strongly recommend against mailing unsigned checks. Too many chances for problems.
A Proposed annual budget will be prepared for review of the Board approximately two months prior to the annual meeting. After the Board adjusts the budget we will include the Discussion Budget in the notices mailed out to all homeowners of the annual meeting.
After final approval of the annual budget we will include a copy of that in the Welcome Packet mailed to all new homeowners.
In addition to the List of New Owners, Deposit Details, Accounts Receivable Report and Account Status, with Level II you will receive (i) a Balance Sheet (with comparisons to last year), (ii) an Income Statement (including year to date and prior period information, (iii) a Budget vs. Actual comparison, and (iv) a Detail of the Bank Account Transactions for the month.
Each Monthly Report for all Levels includes a front page cover sheet advising you of pending issues and items that the Board needs to consider.
As a part of our Annual Meeting services Redbud will mail a "Notice and Agenda of Annual Homeowners Meeting" including a Proxy and the Discussion Budget to each homeowner approximately three weeks prior to the meeting date. The Agenda will be prepared by us for your approval and may, of course, be modified to fit each Association's needs.
We also will prepare the Ballot and the Sign in sheet and will attend the annual meeting to sign-in all attending homeowners, log in all Proxies received by us either in the mail or at the door, and issue Ballots to those homeowners whose dues have been paid.
We will advise the Board of the existence or non-existence of a quorum. We will provide an erasable board to sue for nominations and we will assist in the collection and counting of ballots for future Board members.
We will attend the Board of Directors meeting for the new Board held right after the annual meeting and provide the new Board members with our contact information and request each new Board member furnish us with their contact information so we can update the Association database.
At the end of the year we will prepare and file Form 1120H (annual tax return) & 1099s. Quite often we have to spend quite a bit of time hunting down the various contractors and obtaining tax id and address information. Although we do try to obtain this information prior to paying any invoices it is not always possible.
At Level II the Board will have access to our Maintenance Department. NSC is not in the "maintenance loop" and we do not take the maintenance calls from Owners but if you have a need and would like one of our guys to help we will be glad to send them.
We will retain and store copies of all corporate records generated by us.
Time required per month for Level I and II services varies with the size of the Association but typically will range from 25 hours per month for small Associations to over 30 hours per month for large Associations.
