THE PERFECT MANAGEMENT REPORT

The following should appear in every good management report:

A. Financial Section

1. Financial Summary of the Monthly Cash Flow

2. Statement of Cash Flow

3. Statement of Expenses

4. Bank Reconciliation Reports

5. Expense Distribution Report

B. Legal Section

1. Statement of All Open Accounts

2. Arrears Report

3. Legal Status Report

4. Sublet Status Report (Cooperatives)

5. Copies of all legal correspondence

C. Correspondence Section

1. Copies of all correspondence addressed to the management company or the board

2. Copies of all correspondence mailed by the management company or the board

3. Copies of service requests sent via mail, e-mail or Web site

4. Responses to service requests received by mail, e-mail, Web site or telephone

5. Board responses to owner requests

D. Miscellaneous Section

1. Magazine and newspaper articles related to the management of the property

2. Contract information

3. Agreements signed by the board

4. Notices sent to the community

5. Anything that does not come under the other sections of the management report

E. Response Section

1. All action items that require a decision by the board

2. Contract proposals for services to the property

3. Owner requests for outside services as defined by the proprietary lease, bylaws or declaration of the condominium

4. Owner requests for a variance to perform work that would otherwise be in violation of the proprietary lease, bylaws, declaration of the condominium or house rules

5. If the board does nothing else at its monthly meeting, it should render decisions on these action items.

— Alvin Wasserman, Director of Fairfield Property Services