Amelia Island Management will make weekly on-site inspections of the Association’s properties to assess the condition of the common areas, identify areas that need immediate repairs, identify both short and long-term projects necessary to maintain the common areas, and ensure contracted work is being performed. The inspections will systematically cover all aspects of the property each week. Significant deficiencies will be noted and reported to the Board spokesman. A monthly written report will be mailed to the Board of Directors. Significant deficiencies and safety related issues will be reported as they occur. Amelia Island Management will discuss this inspection and other pertinent items with the Board designee weekly.
Amelia Island Management will coordinate/facilitate the following specific items as contracted by the Board:
Amelia Island Management will work with the account to organize the Annual Meeting and Board Meetings of the Association members. This effort will include all meeting site logistics, agenda preparation, delivery and posting (in a conspicuous manner) of the meeting notice to the membership. Amelia Island Management will attend all Board and Membership Meetings, record the proceedings, prepare and send Minutes to all Board members only, unless directed otherwise.
Amelia Island Management will send to all members the Annual Meeting Minutes and any other actions taken at meetings.
In attendance at each Board or Annual meeting, the Amelia Island Management staff will include an Administrator (logistics, minutes, phone, etc.), Financial Accountant (financial reporting and explanation), the assigned Community Association Manager (CAM report, example included, explanation of day-to-day operations, answer questions from Board or owners, etc.) and occasionally the Director or Assistant Director.
Amelia Island Management will cooperate with the Board in all facets of the financial operation. Amelia Island Management will maintain records sufficient to describe its services hereunder and keep financial records in accordance with acceptable accounting standards and Chapter 720, Florida Statutes sufficient to identify the source of all funds collected and disbursements thereof. Such records shall be available for inspection by the Association at all reasonable times. The Association shall have the right to an annual external independent audit with the cost thereof borne by the Association directly. Such independent audit shall be at the office of the Agent.
Amelia Island Management will prepare and submit to the Board, monthly financial reports on the accrual basis to include Balance Sheet, Income Statement (itemized according to the Budget with a monthly budget comparison) and a variance report for any items that are 10% over budget.
Amelia Island Management Finance and CAM personnel will be involved in preparation of a proposed annual operating budget based on Board guidance and state law setting forth projected revenues and expenses for the new fiscal year, to include a schedule of annual assessments. The budget will be based upon anticipated operations, a forecast of Association expenditures and will take into account the general condition of the Association and its property. The proposed budget will be prepared with the appropriate committee chairperson prior to submitting the completed package to the Board of Directors.
Amelia Island Management will contract with a Certified Public Accountant or other authorized professional to have any and all required tax returns prepared and filed. Amelia Island Management will furnish to each unit owner a financial statement for the previous 12 months within 60 days following the end of the fiscal year. If annual revenues require formal financial statements as prescribed by Florida Statutes which require preparation by an accountant or Certified Public Accountant, statements (which must be contracted by a third party within 90 days of the end of the fiscal year and mailed within 21 days of receipt), will be delivered as requested.
Amelia Island Management will receive and verify each invoice for accuracy and work completed and if requested by the Board, will seek approval, within the association guidelines.
Amelia Island Management will receive all monies due, process and report as part of the monthly reporting package sent to all Board members. Notification and collection of delinquencies and fines are all part of the financial administration services provided by Amelia Island Management. Amelia Island Management will bill and collect from Association members all assessments levied by the Association, and will deposit all funds collected for the Association in a bank in the name of that Association. In the case of delinquent accounts, with the concurrence of the Board, we initiate the appropriate actions in the name of the Association by way of processing a claim of lien or initiating a legal process as may be necessary or appropriate for the collection of such assessments. Fines will be levied in accordance with Association Documents and/or Rules and Regulations.