• Point person: Identify a point person who will coordinate activities with SHA’s Condos Association Manager. • Books, Records and Documentation: The selected firm agrees to keep and maintain all documents in accordance with Generally Accepted Accounting Principles (GAAP). • Maintenance Assessments: The selected firm shall provide for collection and deposit of all general and special assessments and any other appropriate charges/fees as they may become due and payable or as otherwise directed by the SHA Condo Association Manager. • Condo Association Operating Funds: a. The selected firm shall establish and maintain one or more separate checking accounts in the name of the respective Condo Associations. Deposits shall be insured by the Federal Deposit Insurance Corporation or equivalent and shall contain only those funds collected on behalf of each Condo Association. b. At the direction of the Condo Association Manager, the selected firm will also establish Condo Association reserve accounts for each respective Condo Association. c. Upon approval of the Condo Association Manager, the selected firm shall make all disbursements from each Condo Association’s funds for liabilities incurred on behalf of the respective Condo Association. d. The selected firm shall utilize all fraud control systems and methods available for the protection of each Condo Association’s funds. • Accounting and Financial Statements: To be prepared in accordance with Generally Accepted Accounting Procedures (GAAP). a. The selected firm will distribute to the Condo Association Manager a financial statement for the previous month including copies of the Balance Sheet, Statement of Income and Expenses, Schedule of Cash Investments, reserve allocations and check register of disbursements for each Condo Association. b. The selected firm will cooperate with each Condo Association’s Accountant in its review of each Condo Association’s financial statements and preparation of each Condo Association’s tax return. c. Three months of financial statements for each condo will be made available upon request. • Escrow Related Services: The selected firm shall have information as required by Washington State law and as may reasonably be requested by escrow companies, appraisers or lenders, information regarding an individual unit in order to facilitate a sale or refinancing of said individual unit. • SHA will have the option to add additional condo associations in the future
