Questions are ask by our Clients and our prospective Clients about what we do. We have assembled some of the most frequently asked questions. If you have a question that is more specific please call our office or email by clicking on this link
Q: Does GrandShores provide a Florida licensed Community Association Manager who will be responsible for the daily operations of our association?
A: GrandShores will provide an experienced Community Association Manager who’s primary responsibility is the protection, presentation and preservation of the assets of the association. They will be on site 2-3 times per week walking the property and making notes as to issues that need attention and reporting back to the Board of Directors. They will work at the direction of the Board of Directors. GrandShores employs several CAM’s with a combined experience of over 50 years in the association management business.
Does the association manager attend all Board of Directors meetings and Annual Meetings?
A: GrandShores Management Group is contractually obligated under paragraph B.1 (Administration) of the management agreement to attend annual meetings and board of directors meetings at the request of the board of directors. When the attendance of the representative of GrandShores is requested, minutes of such meetings will be recorded and produced.
Q: What methods and controls have been established to insure all association monies are deposited in a timely manner with a mutually acceptable banking institution?
A: GrandShores has established methods and controls to insure all monies are deposited in a timely manner. These include, but not limited to: ACH and direct deposit and soon to be announced payments via credit card and also one time pay through our newly developed website. GrandShores has elected to “partner” with Kislak National Bank (now Banco Popular) which was founded in 1906 and has built a solid reputation for financial strength, integrity and customer service. Kislak has been serving Florida COA’s and HOA’s in excess of twenty-five years and is recognized as a leader in community association financial services.
Q: What procedures have been established for payment of monthly charges for operation of the association? These monthly charges include, but are not limited to, taxes, utility fee’s, insurance premiums, maintenance contracts and other expenses as approved by the Board of Directors?
A: The association manager is given all invoices received by GrandShores for their review. After careful review, the invoice is coded and given to the appropriate accountant for payment. Each of the invoices is compared to budget amounts and if the association manager feels it necessary, contacts the treasurer of the association to discuss any discrepancies.
Q: Does the Manager maintain accurate records of all revenue and expenses of the Association and, on a monthly basis, provide to the Board of Directors a financial statement reflecting balances of all association accounts, including monthly expenses by line item, year to date expenses, a narrative explaining significant deviations from planned expenditure levels, and a Balance Sheet including the current status of reserves?
A: Association financial statements are prepared and distributed to the association manager usually by the 20th of the following month. The association manager then reviews the financial statement for any errors or discrepancies. If any, the association manager and account meet to discuss these issues. This is done as soon as possible to insure that the financial statements are delivered to the board of directors prior to the 25th of the following month. The association accountant is always available by phone or personal visit by the board of directors to answer any questions that may arise.
Q: Will the Manager assist the Board of Directors in preparing annual budgets by providing the necessary information on anticipated cost increases/decreases affecting the operation of the association?
A: Beginning in July of each year, GrandShores begins the process of completing budgets for each association for the next year. This is a process that takes an infinite amount of time, many phone calls and meetings with vendors, contractors and the board of directors. GrandShores has prided itself on getting this process completed in ample time for presentation to the unit owners at the annual meeting. This is a process and responsibility that GrandShores does not take lightly.
Q: What are your accounting department’s qualifications?
A: Sheila Hawley, Chief Financial Officer of GrandShores, has worked with many developers since their original pre-construction developer budget was prepared. She is a licensed CAM and has been so for over eleven (12) years and has over sixteen (16) years experience with hands on association accounting. She reviews all association financial documents for accuracy and readability. Every account including fund balances are analyzed for compliance to Florida Statute 718 and 720.
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