The Village Racquet Club Association
2.4 Miscellaneous Services. Agent shall perform those duties necessary and appropriate to fulfill Agent’s obligations to perform the Services under this Agreement.
ARTICLE III FINANCIAL MANAGEMENT
3.1 Accounts Receivable. Agent shall mail a statement of account or provide a coupon book, depending on what is required by the Association. Billing statement shall include a return envelope. The cost of the mailing shall be paid to the Agent. The Agent shall be permitted to charge a fee to any owner that submits a check returned for insufficient funds. A. Delinquency Processing (1) Agent is authorized to take steps for collection of delinquent assessments in accordance with the Association Documents, including but not limited to the application of late charges, interest and collection costs to the delinquent owner’s account, mailing out notice(s) of past due assessment, mailing of pre‐lien letter, preparation and recordation of the lien, and forwarding of delinquent account to association’s attorney. Fees for these services will be paid by the Association and charged and billed to the delinquent owner for reimbursement. (2) Association shall be responsible for advancing all out‐of‐pocket costs in connection with attorney’s collection proceedings including Agent’s time spent assisting Association’s attorney or giving depositions or preparation of records in contested collection matters. A fee for attorney’s preparation and related administrative work will be charged and billed to the delinquent owner. B. In the event of a sale or transfer of ownership of a lot or lots in the Property, Agent shall coordinate with escrow companies to collect any amounts owed to Association and changes in ownership. Agent will be permitted to charge a fee to an owner for processing a change in ownership per the California Civil Code.
3.2 Disbursements. Agent shall receive and classify all invoices and shall prepare, and forward remittances to vendors in accordance with each vendor’s contract.
A. Agent shall present to the Board monthly a summary of all disbursements in the form of the check register. B. All disbursements from the reserve accounts approved by the Board. 3.3 General Accounting. Agent shall maintain on a modified accrual basis a set of double entry accounting records in accordance with generally accepted accounting procedures (GAAP) and industry standards. A. Agent shall prepare and distribute to the Board monthly, Board meeting a balance sheet, income statement and supporting schedules of cash, investments, year‐to‐date reserve allocations, year‐to‐date reserve expenses, check register, accounts payable and accounts receivable listing. B. Agent shall reconcile all bank statements and shall provide to the Board copies of bank statements and bank reconciliations.
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