Many Boards choose to work with a professional association management company. But how can you be sure the company you select will have a staff with the experience, knowledge and dedication they need to serve your association most effectively?
One answer is to utilize a management company that employs experienced managers that hold professional designations issued by the Community Association Institute (CAI), the international voice for all community associations. AMI is on track to achieving the highest designation in the industry, the AAMC®. While AMI has not achieved the designation as of yet, we are currently operating under it’s strict guidelines and requirements.
An Accredited Association Management Company (AAMC®) has achieved a specialized level of commitment and expertise throughout its staff. This commitment helps ensure your association runs smoothly by:
- Developing association budgets and financial reports to ensure your association prepares for future expenses and communicates to homeowners how their assessment dollars are spent.
- Performing site inspections to evaluate your association’s grounds and common elements and ensure proper upkeep.
- Enforcing community association rules and restrictions fairly, equitably and reasonably.
- Assisting board members in selection of contractors and insurance providers that can provide top-notch services for your association.
- Overseeing and authorizing payment for services to ensure financial safeguards.
- Directing any association personnel.
- Promoting open communication, fruitful collaboration and community spirit within the association.
When retaining an AAMC® accredited management company, you stand to benefit not only from the experience of an individual manager, but also from the collective resources that a highly trained and knowledgeable staff can provide. A staff member of an AAMC® accredited company will have a solid understanding of all aspects of community management in Colorado, including the principles of human resources, contracting, accounting, psychology, insurance, physical plant maintenance, education, government relations, board management, basic construction and law.
The staff of an AAMC® designated company has gained a wealth of experience in the industry by fulfilling the designation’s comprehensive requirements, which include:
- A minimum of three years of experience providing HOA management services.
- A Professional Community Association Manager (PCAM®) designee as the company’s senior manager.
- A staff with designations in the field – at least 75 percent of the company’s managers must hold a PCAM®, Association Manager Specialist (AMS®) or the Certified Manager of Community Associations (CMCA®) certification.
- At least 12 hours of continuing education every two years for all staff members.
Accredited Association Management Companies are required to meet CAI’s financial management and reporting standards. All companies that carry the AAMC® designation must maintain fidelity, general liability and worker’s compensation insurance in addition to meeting federal, state, and local laws.
As a client of an Accredited Association Management Company, your community association will be protected with the financial safeguards required by the accreditation, including:
- Separate bank accounts that are reconciled monthly for each client association.
- Acknowledgement by the board of all investments and disbursements of funds.
- A detailed financial report including a balance sheet, income statement, budget comparison, and a statement of disbursements and receivables, prepared as determined by the contract.
An Accredited HOA Management Company commits to upholding the highest ethical standards. All AAMC®; staff members must abide by the strict rules of conduct outlined by the Community Associations Institute’s Professional Code of Ethics, which states that each manager in the company shall:
- Comply with all standards established by CAI and the state(s) in which the manager practices
- Disclose in writing to the client any actual, potential or perceived conflict of interest.
- Participate in continuing professional education.
- Not provide inaccurate or misleading information to a prospective or current client.
- Refuse any compensation from parties who act or may act on behalf of the client.
- See that the client’s funds are held in separate accounts, are not misappropriated, and are returned to the client at the end of the manager’s engagement.
- Recognize that all records, files and books are the property of the client.