Specifications include, but are not limited to: The firm selected to provide property management services will be expected to provide the services set forth below: A. Common Area Maintenance - a. Make on site visits as necessary to effectively manage the Property. b. Contract with suitable vendors to maintain common areas in accordance with acceptable standards as established by the Board of Directors. c. Purchase or rent on the Association’s behalf, all equipment, tools, appliances, materials, supplies, uniforms and other items necessary for the management, maintenance and operation of the Property. d. Conduct ongoing evaluation of and recommendation for long term maintenance needs of the common areas of the Property. e. Obtain and collect bids for common area maintenance and major maintenance projects for the Property. Projects with an estimated cost of $50,000 or more shall require 3 separate bids. f. Negotiate and retain on behalf of the Association contracts for services, including utilities, fire equipment, building equipment and other services as may be approved by the Board of Directors. g. Coordinate among consultants, engineers and service providers hired by the Association. h. Monitor the Property’s common area water and electricity usage through system settings and monthly bills and notify the Board of Directors of potential problems or cost savings. B. Fiscal and Accounting Services - a. Assist in the development of a proposed Annual Budget for approval by the Board of Directors at least 60 days prior to the end of the fiscal accounting year, which may serve as a basis for monthly maintenance fees for the ensuing year. b. Coordinate the periodic update of the initial reserve study in accordance with the direction of the Board of Directors. c. Post and deposit monthly dues and assessments. d. Prepare and post on individual unit ledgers. e. Track checking and reserve account balances maintained by Property Manager on a daily basis. f. Pay and track invoices for goods and services provided to the Association. g. Reconcile monthly all operating accounts and reserve accounts maintained by the Property Manager. h. Prepare and distribute monthly to the Association’s Board of Directors a Statement of Cash Receipts and Disbursements. i. Assist the Association’s accountant with preparation of Annual Financial Reports. j. Collect assessments as provided in the Declaration and follow-up on all delinquencies to collect all amounts owed. Property Manager’s collection responsibility shall be limited to 12 regular monthly assessment collections per year and one special assessment collection per year. k. Prepare and mail delinquency notices and collection letters as directed by the Board of Directors. l. Arrange for collections in accordance with the laws of the State of Colorado and arrange for liens through an attorney when directed by the Board of Directors. m. Cooperate and assist in audits conducted by auditors appointed by the Association.