Employment: Hire, pay, and supervise all employees
necessary to properly maintain and operate the property.
Building Maintenance: Cause the property to be
maintained in good order and condition, including interior
and exterior cleaning, and cause all routine repairs and
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Weekly Inspections: Agent shall visit the property at
reasonable interludes, but no less than once per week,
and recommend to the board of directors programs of
preventative maintenance and repair to keep the property
in good order. Agent will inspect the property with the
superintendent/staff pointing out areas that are in need of
repair and maintenance.
Repairs: Agent shall not undertake any particular item of
repair involving an expenditure in excess of two-thousand
five-hundred dollars ($2,500) without the prior approval
of the board of directors, except in circumstances which
agent shall believe to constitute an emergency.
Give Notice: Notify board of directors or the co-op’s
attorney promptly after receipt of any order, notice, or
violation and recommend things to be done as shall be
necessary to comply with the same.
Service Contracts: Contract for vermin extermination
and other services as agent deems advisable. However,
agent shall not enter into a service contract without the
board of directors consent. Agent will review all service
contracts twice a year and when bidding out a contract,
will provide a minimum of three proposals.
Supplies: Purchase on behalf, and at the expense of the
owner, all supplies which agent deems necessary to
properly maintain and operate the property, and credit to
owner any discounts obtained for purchases.
Insurance: Maintain proper insurance coverage on the
property and owners and employees. Advise the board of
directors if changes should be made to such insurance
Accounts Payable: Check all bills received for services,
work and supplies ordered in connection with maintaining
and operating the property. Have bills approved by the
board of directors according to the limits of the
Accounts Receivable: Bill residents for maintenance,
assessments, rents, parking and/or other charges. Use
reasonable efforts to collect such charges.
Communications: Maintain businesslike relations with
owners, and tenants whose requests and complaints shall
be received, considered and recorded in a systematic
fashion. Complaints of a serious nature shall be reported
to the board of directors after thorough investigation with
Management Reports: Not later than the twentieth
(20th) day of each month, render regular monthly
statements of collections and disbursements for the
preceding month supported by disbursement vouchers
and bank reconciliation's. One copy of each monthly
statement shall be sent to all members of the board of
directors and the accountant for the owner.
Accounting: Set up and keep in good order separate,
accurate and adequate accounting records to be
maintained by the owners accountants. Maintain orderly
files containing rent records, insurance policies,
certificates, leases, correspondence, purchase records,
bills , vouchers, and all other documents and papers
pertaining to the property.
Budget: Agent shall within forty-five (45) days before the
owners fiscal period ends provide the board of directors
and their accountant with a budget of income, expenses,
and recommendations of major capital improvements that
are needed at the property.
Tax Filing: Cooperate with the owners accountants in
regard to the preparation and filing of federal, state, city
and other income or other tax returns required by any
Supervision: Supervise the moving in and out of all
residents and as far as possible, arrange the dates so that
there shall be a minimum disturbance to the operation of
the property in accordance with the house rules.
Assessments: Determine the tentative assessed
valuation of the property, report such to board of
directors, and cooperate with owners attorneys in the
preparation of any applications for correction of the
assessed valuation to be filed with local taxing authorities.
Payroll Withholding Taxes: Cause to be prepared and
filed at the owners expense, the necessary forms for
unemployment insurance, withholding, social security
taxes and all other like taxes, union, pension dues, and
other documents relating to employees.
Proposals and Bids: Provide the board of directors with
a minimum of three proposals from independent
contractors for any repair or capital improvement over
Five Thousand dollars ($5,000) provided that repair is not
considered an emergency.
Emergencies: Agent will be available twenty-four (24)
hours a day should an emergency arise.
Banking: All funds collected by agent for the owner will
be deposited in a commercial bank in Westchester County
carrying FDIC insurance to be selected by agent, held in
trust in a special account and will not be commingled with
other funds collected by agent, as agent for others.
Risk Management: Agent will require all contractors
and/or vendors doing work at the property to provide
certificates of insurance naming owner and agent as
additional insured for Commercial General Liability and
Worker’s Compensation insurance for repairs and major
capital improvements in excess of $5,000.
Applications: Provide applications for purchase and rent
according to the resolutions set by the board of directors.
Review, process and perform credit checks on all
applications before submitting to the board of directors
and/or its committee.
Transfer of Ownership: Act as transfer agent for the
owner with regard to the sale of units.
Board Meetings: Schedule and attend one board
meeting per month, review and distribute minutes from
the secretary. Prepare an agenda and take minutes of
the meeting if requested by the board of directors.
Annual Meetings: Prepare and send out notice of
annual meeting to all shareholders. Attend annual
meeting, give management report, count votes and
Committee Meetings: Agent will attend committee
meetings upon request of the board of directors.
Minutes: All agents are trained in the proper preparation
of corporate minutes. Agent will, at the owners request
and expense, take all meeting minutes in a manner
consistent with industry standards.
Newsletter: Agent shall prepare, at owners request and
expense, a monthly, quarterly, or annual newsletter for
the owner using current desktop publishing software.
General: Do all things reasonably deemed necessary by
agent for the proper management of the property.