Self-Management with support is an option for your Maui community.
Over one third of condo communities and homeowner associations (HOAs) across the country are self-managed, hiring professional services for specific needs, according to the Community Associations Institute (CAI). If you have 100 units/homes or less or have a high level of board participation you are a prime candidate to self-manage with support. Support primarily entails financial management services, including and our support system of professionals. Benefits include saving money and increased control. If this sounds like a good fit, self-management with support may be the best solution for your community.
Larger community associations, or those with certain ongoing projects or needing a higher level of services should employ a professional management company. Destination Maui, Inc. provides both types- supported and full-service.
What services are best for your association? Here is a breakdown of major points to help you decide:
Support with Financial Services
A base of financial strength and security is essential to a successful community association. With a strong foundation in accounting, Destination Maui, Inc. applies stringent financial standards and the highest level of expertise. The company founder is a well-regarded CPA, as well as holding the highest community association accreditation. We build trust by employing the industry’s best data security measures. Each property is assigned an accountant, building a long-term value and offering a broad array of accounting and financial services, including:
- The most comprehensive financial reports in the region, including balance sheets, income statements, budget analysis, general ledgers, accounts payable, check disbursements and income and expense projections
- Electronic funds management via a secure log-in and transfer protocol
- Management of accounts payable
- Invoice scanning and online payment portal
- Checking, savings, money market and other bank account reconciliations
- Monitoring of investment funds and rollover dates
- Billing and collections of community association dues and assessments
- Delinquency notices, breach notices and HOA violation letters
- Oversight of escrow demands
- Check preparation and distribution
You won’t be alone. According to the most recent CAI Statistical Review an estimated 30-40 percent of community associations are self-managed, hiring professionals for specific needs like financial and tax services.
Self management does entail a dedicated and involved board, but board members don’t have to do all the work themselves- we can relieve the most difficult aspect, Financial Management.
Full Management Services
In addition to financial services, we provide options for full management services in partnership with associations. Full service contracts can be done with or without placement of on-site personnel. An overview of services includes:
- Providing professional support to the board and committees
- Negotiating and soliciting service contracts/supply agreements
- Hiring, training and supervising onsite personnel and subcontractors
- Reviewing property conditions and enforcing governing documents
- Assisting the board/committee in the resolution of member disputes
- Annual meeting assistance, from setup and mailing of meeting notices and announcements, to help in securing a quorum
- Meeting agenda compilation and distribution
- Responding promptly to all requests
- With Supported Financial Services, there is a cost saving to only paying for what you need, while still getting a high level of support.
- You will have complete control over your expenses.
For both levels of services you will receive
- Better communication to resolve issues with a dedicated account manager and accountant
- Automated bill payment and online access to reports. Reduced payment delinquencies
- Expert accounting and tax help
You can get what you want: less frustration than handling everything yourself, increased control and cost savings, or compreshensive full-service management for larger properties and projects. By partnering with professionals at Destination Maui, you will get the support you need to make a change from doing it on your own or converting from another full-service manager to make a plan just right for your association.
If you want to learn more about how we can make a custom plan for your property, request a free proposal.