shall not be responsible for same. Management shall prepare Association’s IRS 1099 forms as set forth in Exhibit A. Management shall distribute, at Association's request and expense, copies of the Annual Financial Report to all members of the Association within 120 days of the end of the fiscal year in accordance with the Civil Code. Management may charge secretarial fees for work necessitated by changes in the civil code. 3. Management shall prepare and distribute to the Board of Directors, as requested by the Board (not less than monthly), full general ledger accounting with timely financial reports for the previous month and year- to-date, including, but not limited to, balance sheet, statement of cash receipts and disbursements, a general ledger, cash disbursements register, and delinquency report (accounts receivable aging report). The system for accounts and records shall be on modified accrual basis. 4. Management shall prepare invoices for approval and/or checks for signature(s) (as designated in writing by Board policy memorandum) to pay all bills, including regular monthly bills from utility companies, payments pursuant to established Association contracts/agreements for recurring services, and invoices for services for which written authorization has been given by the Association Board of Directors. It is understood that utility bills may be set up on autopay (ACH) with the utility. Management shall not be responsible for late charges incurred on invoices while trying to obtain authorization signatures for payment. Further, in the event Management must hold payment due to insufficient funds or for any month where the Association’s operating bank balance ends in a deficit, an additional service charge shall be assessed in accordance with Exhibit A. 5. Management shall prepare and mail homeowners ’ monthly statements or assist in providing payment coupon booklets, and shall prepare, maintain and post individual computerized owners' ledgers in accordance with Association's Collection Policy, to comply with the California Civil Code requirements. Applicable postage will apply. 6. Management shall respond to all individual inquiries from homeowners regarding their account status. Management shall establish and maintain a lock box wherein Association members may mail their payments in envelopes provided with statements or coupon books. Management will mark any accounts which have been turned over to the Association's attorney for collection of delinquent assessments.
7. Management reserves the right to include inserts and mailing materials pertinent to common interest development living with statements.
8. Management shall prepare monthly an aged Association assessment delinquency list, and Management shall supervise and keep the Board of Directors informed of collection efforts; all to be done in accordance with
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VRC PPM Proposed Contract 2022 2/4/2022
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