Lifestyles has departmentalized areas of support for your Property Manager. This includes fully staffed departments of accounting, in-house collections, client services and administration.
In addition to monthly payables, receivables and financial reports, a system of checks and balances is in place to ensure that payments are made through invoice approval requiring the Property Manager’s signature.
Lifestyles integrates today’s technologies as a solution to the Association’s needs. Our Property Managers have data enabled tablets in order to be more efficient, allowing our Managers to be out on property attending to the grounds and engaging with the members of the Association.
Lifestyles is aware of the dangers associated with hiring contractors without liability and workers compensation insurance. Managers are trained to request proof of insurance from contractors to protect the Association from a potential lawsuit.
Lifestyles has a program to track each association’s insurance policies Expiration reports are printed monthly ninety days in advance of the expiration date to allow the manager time to solicit proposals, if necessary. Print outs are provided to district managers for tracking purposes.
In addition to Lifestyles’s preparation of the Association’s monthly financial statement, a tracking system is in place to track auditor engagements for year-end financial reports and tax preparation as required by law and governing documents. The engagements are then monitored to completion and the required financial report mailed to the membership.
Management Tracking System
Lifestyles’s administration department tracks and monitors each Association’s requirements to file its annual business report with the State and, if required, remit payment to the proper state or government department for annual condominium fees due.
Meeting Notice Requirement
Lifestyles assists in the meeting and distribution of the notice requirements that are prepared in accordance with governing statutes, maintains computer records for designated voters, and prepares sign in sheets and required proof of mailing a davits for all meetings and other mailings which are required by law.
Lifestyles trains its Property Managers to re- quire W-9’s from Association vendors. The Federal Government requires back up withhold- ing from subcontractors which do not provide W-9 forms. The Association may be ned if it does not comply. 1099’s are issued to vendors and contractors in compliance with Federal laws. Checks are not issued to contractors who have not complied.
New accounts are set up on the computer utilizing the information obtained via internet and subscriptions to the appropriate county records. This ensures that the record owner(s) names are in the Association’s records as required by most Association declarations. The closings department updates account owner information from warranty deeds to make certain the records remain accurate. Information is mailed to each new owner advising of the association’s fees and billing cycle as well as any rules and regulations information provided by the board of directors.