We prepare monthly account payable and receivable reports for distribution to all Board members. These reports allow the Board to see how and where the building is spending its money and if it is on budget and also give the property manager the opportunity to comment on any extraordinary expenses that are out of budget. All bills are reviewed and authorized for payment by both the property manager and, when applicable, the building’s superintendent and treasurer. We help our Boards to prepare an operating budget based on prior year expenses and projected costs.
It is our policy to require three bids on all large contracts that are awarded on behalf of the building. These bids are reviewed and approved by the Board prior to any contract being executed. We maintain relationships with the various professionals, contractors and suppliers needed to help operate a building. These include lawyers, architects, engineers, accountants, building supply companies, insurance companies, numerous contractors and repair personnel. These relationships allow us to get the best possible prices and service for our clients.
All of our property managers make regular inspections of their buildings, supervise the building staff and set-up maintenance schedules. This allows the property manager to track the physical condition of the building, note any problems and make recommendations to the Boards of ways to improve the building.