Northern Virginia Management, Inc. is committed to innovation and quality property management because we always focus on four factors that are critical to the success of all Associations.
Superb Financial Management: Northern Virginia Management, Inc. uses generally accepted accounting principles and a widely accepted computerized financial management software and general ledger system to track Association transactions and prepare operating and reserve budgets. Northern Virginia Management, Inc. also works closely with Association Boards to prepare long-term financial plans, reserve fund budgets, and ensure that reserve and operating funds earn the highest interest available in secure accounts.
Economical Operational Management: Northern Virginia Management, Inc. helps write contract specifications and ensures that work is done promptly according to the contract. Northern Virginia Management, Inc. also submits monthly reports to the Board based on its periodic inspections of Association property. Northern Virginia Management, Inc. will work with the Board to develop comprehensive specifications on file for all Association recurring contracts. All contracts will be competitively bid on a regular basis to ensure that the Association receives the best return for its investment. Northern Virginia Management, Inc. will also work closely with the Board to develop an updated operations manual and other documents that will promote efficiency and cost-effectiveness.
Professional Owner Information Maintenance: Northern Virginia Management, Inc. maintains association records in its database, with backup copies off-site, and makes this information easily available to Associations. Northern Virginia Management, Inc. also creates and maintains database files about Association mortgages and notifies mortgagees about Association events in accordance with its bylaws.
Frequent and Timely Communications: Northern Virginia Management, Inc. organizes special meetings and produces informative newsletters and timely maintenance updates. Northern Virginia Management, Inc. will also provide legislative and court updates on such topics as Association operations, fee collections, architectural rules, and parking regulations.
The above-mentioned factors enforce Northern Virginia Management, Inc.’s commitment to innovation and quality property management as well as incorporating how Northern Virginia Management, Inc. will use its many years of successful experience managing multi-family residential properties in northern Virginia. This will improve Homeowners Association’s efficiency and effectiveness, reduce operations costs, and upgrade the quality of its services.
Northern Virginia Management, Inc. will work closely with the Board to develop and maintain specific and comprehensive specifications on file for all contracts. To ensure that contracts will provide Sample Homeowners Association with outstanding services and at current value, Northern Virginia Management, Inc. recommends that they be competitively bid on a regular basis. Northern Virginia Management, Inc. will aid the Board in writing contract specifications for competitive bidding; assemble bid documents with specific information about the required repairs, improvements, or property maintenance; submit recommendations to the Board; and assist the Board in evaluating contractor bids and proposals.
Northern Virginia Management, Inc. will establish and maintain a computerized list of contracts, including the name of the contractor, a brief description of services to be performed, and the commencement and expiration dates. Northern Virginia Management, Inc. will notify the Board 90 days in advance of the expiration or rollover deadlines. Northern Virginia Management, Inc. recommends that only contracts with specific termination dates be executed and rollover deadlines not be considered.
Northern Virginia Management, Inc. will establish and maintain a computerized list of warranties, including company name, description of item or service, terms of warranty, and expiration date. Northern Virginia Management, Inc. will notify the Board 60 days in advance of expiration of warranties.
Northern Virginia Management, Inc. will review existing and new maintenance contracts as required or directed by the Board, including annual maintenance contracts for landscaping, cleaning, trash hauling, and other recurring matters. Northern Virginia Management, Inc. will also inspect work in progress on a regular basis to ensure that it is being done efficiently and in accordance with contract specifications.
Northern Virginia Management, Inc. Associates has greatly reduced the delinquency and aggravating paperwork associated with collecting assessments through its Automated Clearing House (ACH). ACH is an electronic transfer of funds by the Federal Reserve Banking Commission from one bank account to another. Funds are handled like checks, but only banks can initiate ACH electronic transfers.
To implement ACH, Association members must provide the Association with written authorization to transfer funds from their bank account to the Association’s operating account. This is done by providing a standard agreement for Association members to sign that includes the amount to be transferred, frequency and dates, and pertinent information about members’ bank accounts. For the first ACH electronic transfer, the banks do a test run. Funds are then transferred automatically after Northern Virginia Management, Inc. supplies the Association’s bank with an up-to-date database from members’ standard agreements via modem.
Northern Virginia Management, Inc. is confident that members of Sample Homeowners Association will like ACH electronic transfers. The Association will use fewer fee coupons, deposit books, stationary, and stamps. Delinquent letters will decline in number and administrative costs will go down as well. Association members will enjoy paying by ACH because it saves time, energy, and brings them peace of mind. They no longer have to worry about assessment dates and the postal system. All they need to do is record payments in their check registers.
All invoices are sent to Northern Virginia Management, Inc.’s office. First, Sample Homeowners Association invoices are sent to the Property Manager for approval. If there is a discrepancy, the Manager will contact the vendor for verification. Second, all invoices are compared to the budget category to which they are applied. Approved invoices are then forwarded to Northern Virginia Management, Inc.’s accounting department for payment. Northern Virginia Management, Inc. pays no invoice unless it is certain that it is accurate, reasonable and approved by the Association’s Manager. Northern Virginia Management, Inc. assures the work has been completed to the satisfaction of Sample Homeowners Association.
On a weekly basis, Northern Virginia Management, Inc. Associates will have all invoices coded according to the established chart of accounts and operating budget for Sample Homeowners Association. Twice a month or as directed by the Board, Northern Virginia Management, Inc. will then process them for payment, and systematically file them. Copies of the checks with appropriate invoices will be grouped together and filed by month. Each month a designated Board member (who is usually the Treasurer) will receive the previous month’s paid invoices for review.
Payments are processed using the MICR system as described in Section 2.1 of this proposal to write checks. The Association’s logo and check account numbers are encoded on the check at the time it is written. This system is very secure because it eliminates (1) the need to store blank Association checks in the office; (2) the possibility of using the wrong checks, i.e., mistakenly using one Association check for another Association’s bills; and (3) handwritten checks (accounting information must be in the computer before a check is issued). Additionally, this computerized system saves the Association money because there is no cost to the Association for checks.