What does CMC Business Management do?
Find out what CMC can do for you! Below is listed some of the services CMC offers as a property management company. Please keep in mind that these clauses may change depending on your association’s specific contract with CMC. Home owners please refer to your specific property management association contract.
Business Management Services
Maintain books and records.
Prepare and mail monthly bills.
Receive and disburse funds. Generally the Manager has the discretion to make the day to day financial decisions related to the normal ongoing operation of the Association. All major additions and expenditures for new items or services costing over $1000 require the approval of the President or BOD. The Manager is empowered to make discretionary expenditures related to the normal day to day operations of the condominium building in emergency situations that by definition include, but is not limited to, the disruption of any normal operation of the building such as the heating system, common plumbing, damages caused by roof leaks or fires. The President will be contacted whenever major expenditures are incurred.
Reconcile all bank accounts on a monthly basis.
Direct labor and all office overheard to accomplish above.
II. FINANCIAL REPORTS
Prepare annual financial statement for the Board of Directors that corresponds to the tax year-end.
Prepare and file Colorado Secretary of State corporate report.
Prepare and mail monthly financial statements to the President or designee. Financial statements are defined as a balance sheet, income statement, detailed general ledger showing all individual cash receipts or disbursements and an age-dated receivable and payable schedule.
Preparation of annual budget for the review and approval of the Board of Directors.
Preparation of the annual tax return.
III. ALL GENERAL OFFICE SUPPLIES
Postage, envelopes, stationary (excludes postage for membership mailings)
All paper, statements, ledger sheets and folders
Printing, copy charges
Other incidental supplies
IV. GENERAL AND ADMINISTRATIVE EXPENSE
Telephone expense, office expense, rent, utilities, insurance, etc.
Managerial supervision and administration
Payroll burden – taxes and insurance
Office equipment – typewriters, copying machine, fax machine, postage meter, etc.
V. DATA PROCESSING
Initial setup and maintenance of all Association records including names, addresses, etc.
Initial setup and maintenance of Association financial records, statements, chart of accounts, etc.
Monthly financial statements with revisions as requested by the Association.
Billing/Accounts receivable system with revisions as requested by the Association.
Accounts payable system for disbursement of funds.
All hardware and software.
VI. ASSOCIATION INSURANCE
Research and review the insurance program on an annual basis.
Obtain competitive bids annually for the Association.
Recommend the best insurance program to the BODs for their acceptance or rejection.
Coordinate with the insurance company to ensure the applicable information is forwarded to any mortgage company as requested.
VII. SALE OF CONDOMINIUMS
Assist any owner, buyer, real estate salesperson, lending institution, etc. with any information necessary to facilitate a sale. These services are limited to the information and documents under the direct control of the Manager.
VIII. SHORT TERM LOANS
The Manager will assist the Association in obtaining short-term loans as requested by the Association. Loan administrative services will be provided by the Manager’s accounting department.
IX. ASSOCIATION ANNUAL MEETING – MANAGER’S RESPONSIBILITIES
Contact the President to schedule the annual meeting.
Arrange/coordinate a meeting room or food and beverage requests of the President.
Prepare and mail meeting notices to all of the members.
Attend annual meeting, prepare agenda, distribute most recent financial statement, record and follow through on maintenance-related requests, provide update on Grand County and generally address any member request or question.
Distribute meeting minutes.
X. SERVICE OF ALL OF CMC MANAGEMENT CONTRACTS
When dealing with companies that provide service to all owners for whom the Manager works, use all the Manager’s purchasing power to negotiate the lowest price possible for the Association.
XI. ASSOCIATION’S ATTORNEY
Whenever the Association requires the services of an attorney, the Manager will perform any and all services and incur all reasonable expenses (i.e. telephone expense, labor expense, correspondence, overhead, etc.) as requested by the attorney on behalf of the Association.
XII. BOD SERVICE REQUESTS
The Manager shall investigate and research all BOD requests and respond to the BOD in a timely fashion.
XIII. OWNER NEWSLETTERS
As needed the Manager will update to all owners of news pertaining to the Association and the Winter Park community.
XIV. DISSEMINATE ANY INFORMATION REQUESTED BY THE BOARD OF DIRECTORS SUCH AS MEETING MINUTES, COMPLEX POLICIES, FINANCIAL STATEMENTS, ETC.
XV. LONG-TERM MAINTENANCE RESERVES
Prepare an annual analysis of the Association’s long-term maintenance fund requirements and the related monthly assessments. This analysis not only assists the Association with long-term financial planning but can also be available for disclosure to potential buyers, mortgage companies, real estate companies, owners, etc.
Meet the CMC and StayWinterPark Management Team!