Appropriate Homeowners Association Costs
CAMS works with your HOA Board to determine expenses that are appropriate with:
Experienced Annual Budget Preparation
Spend your time enjoying your home --- leave the initial budget preparation to your CAMS Community Manager. We will use current financial information to prepare the first draft of your HOA’s annual budget to meet the association’s current goals.
Rate adjustments are obtained from utilities, insurance companies, and material charges directly from the service providers. An appropriate Reserve allocation will be recommended based on a cursory review of common elements and current reserve fund balances.
Accurate Assessment Billing with Continuous Delinquency Collections
Members of your homeowners association will be billed for their assessments monthly, quarterly, semi-annually, or annually based on the payment schedule determined by your HOA’s Board of Directors and governing documents.
Members are offered a variety of payment options including mail to a lockbox with a coupon, automatic draft, bill-pay through their bank or online using a credit card.
Collection of delinquent assessments is one of the benefits of Association Management Services by CAMS because you get to enjoy your neighbors and neighborhood without being perceived as the “bad” guy or the bill collector.
Each association's Collection Policy is utilized to send appropriate late notices which include any late fees and/or interest charges that have been applied.
Thorough Financial Statement Preparation
HOA members can be reassured they have correct information from their association management company. CAMS offers transparency to the Board with its innovative web-based software. Members can access their Homeowners Association account any time day or night; however, Board members have expanded access that allows them to view and print reports, check the status of delinquent accounts, check on work orders and follow up on covenant enforcement.
Your Association’s financial statements are prepared by a senior accountant who has extensive experience in association financial reporting. Additionally, one senior accountant is a CPA, another is an MBA (and will complete his CPA in 2011), and a another has been with CAMS over 12 years.
Invoice Review Prior to Vendor Payments
To ensure the expenses paid by your Homeowners Association are appropriate, each invoice is reviewed by your Community Manager prior to being paid. Your Community Manager reviews, approves and codes an invoice to the appropriate general ledger account.
Timely payment to the vendors that provide service to your Association is just one of the ways vendors know that CAMS and your Association values them. Invoices can be emailed (to invoices@camsmgt.com), faxed (to 910-256-3794) or mailed to the association c/o CAMS. Vendors complete an application and tax forms prior to receiving their first payment from any association. For their convenience the appropriate vendor forms may be accessed and submitted online.
Comprehensive Investment Recommendations with Continuous Monitoring of Surplus and Reserve Funds
Maximizing your association’s investments in FDIC-insured institutions is crucial. CAMS surveys the banking market weekly for current rates and makes recommendations to the Finance Committee and/or Treasurer on investing surplus and reserve funds.
Convenient Payment Options of Bank Draft, Lockbox and Online Payment
You may use any of the following methods of payment for your HOA assessment: Payment by Check, Automatic Draft from your bank account, Bill Pay Online Banking through your bank or other e-pay systems, or Credit Card payment at www.camsmgt.com (note there is a third party surcharge for credit card payments).
