Management Transitions
Effective
1. Start-up Funds An agreed upon sum of money will need to be provided to the new management company as soon as possible upon notification of the transition date;
2. Owner Roster This is typically provided at or around the same time as the start-up funds to get appropriate notice of the change, etc. out to owners.
3. Association Paper Files All boxes of documents that are in storage, including rolled up maps and plans;
4. Digital Files A thumb drive, file share or other means of electronic file transfer to include all of the association’s electronic files, including (but not limited to); i. Owner Roster ii. Tenant & Lease Information iii. Unit Type Listing iv. Assessment Information (including Special Assessment info if applicable) v. Governing Documents (Declaration/CCRs, Bylaws, Articles of Incorporation, Rules & Regulations, ACC/ARC Guidelines, Collection Policy, etc.) vi. Financials vii.
Invoices
viii. Current and Prior Budgets ix. Audits/Tax Returns x.
Insurance Information
It’s Hard to Say Goodbye... — By Nancy Post —
W
e’ve all experienced it. It doesn’t make us happy, yet it is reality. No matter how hard
we work, no matter how we are always putting our best foot forward and have the best interests of the associations we manage at heart—there will always be associations that transition from one management company to another.
It may be due to a personality conflict, or they may have heard about another management company that was getting great reviews. Oftentimes, we don’t always know why they leave us—but one thing is for sure—we still have a responsibility to that association until the transition to their new management company is complete. Putting emotions aside, we are duty-bound to provide the new management company the following:
16 Community Associations Journal | June 2021
xi. Minutes – From Board, Annual, and any Special Meetings xii. Meeting Packets – From Board, Annual, and any Special Meetings (if applicable) xiii. Vendor List xiv. Vendor Estimates xv. Other Legal Information such as legal opinions, judgment rulings, etc. xvi. Contracts xvii. Open Action Items xviii. Open Violations xix. Reserve Study xx. Association Funds *It is advisable to check and make reasonably sure that items are readable on the thumb drive or method of file transfer.
5. Balance of Association Funds Once the final bills have been paid, a transfer of remaining association funds, less any funds needed to cover outstanding payments, should be made to the association’s new accounts. If outstanding funds are held to cover outstanding payments, the balance of those funds should be transferred as soon as reasonably possible.
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