Proposed Services

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 alterations.

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 policies.

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 management agreement.

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 appropriate recommendations.

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 governmental authority.

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 proxies.

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.