Property Management of Owner Associations

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• Collection of interim housing allowances/housing charges, interim heating contributions, antenna expenses, loans and other expenses according to the budget adopted by the association’s annual general meeting.
   
• Any adjustments of benefits under the general meeting, management accounts, heating, antenna accounts or other statements.
   
• Processing of arrears – including control of the individual member deposit of interim housing charges, and if necessary facilitation of reminder procedures. In the event that an individual member fails to pay interim housing charges, despite the issue of a demand letter from the property manager, the cooperative must be informed for further decisions about possible legal actions. All expenses in case of legal actions will be paid by the cooperative in case the individual member cannot provide sufficient coverage. Any fees imposed and paid by the individual member in accordance with applicable laws and statues shall accrue to the property manager.
   
• Payment of the property’s operating costs, including taxes and fees, mortgage payments, wages, holiday pay, insurance premiums, street cleaning-fees and maintenance costs and VAT, including, if necessary, preparation of reports to the Danish Tax Authorities.
   
• Accounting of the association documents, including voting and transmission of quarterly balances to the association’s board once per quarter plus completed and checked accounting reports to the auditor after completion of each financial year.
   
• Preparation of heating accounts in cooperation with the meter firm, including distribution and settling of individual member accounts in connection therewith, also within and in accordance with the statutes and statutory requirements and deadlines. Interim contributions may be continuously adjusted if necessary, so that these as far as possible correspond to the size of the expected heating costs.
   
• Preparation of management accounts within and in accordance with statutory requirements and deadlines and statutes of the association. Preparation of a budget for the coming financial year and interim contribution is collected from the individual members accordingly.
   
• Participation in the annual and extraordinary general assembly and board meeting(s) – but see special agreements.
   
• Operational, financial and legal advice to the board.
   
• Invitations, including production of materials to ordinary and extraordinary general meeting(s).
   
• Preparation and publication of reports summarizing ordinary and extraordinary general meeting(s).
   
• Calling maintenance workers as needed if maintenance is the responsibility of the association and in cases where the association’s board or property service functionary have not taken action already.
   
• Representation of the association in case of contracting between the association and a third party in connection with association operations, such as property service functionaries and others.
   
• Ensure that the association’s property is adequately insured, preparation of accident reports, contact to an appraiser and making sure that justified damage will be settled. Any changes of the insurance policy must be approved by the association.
   
• Representation of the association against public authorities in the event that it forms a natural element in the administration of the association.
   
• Ongoing liquidity management, including optimization of any excess liquidity as agreed with the association’s board.
   
• Other regular correspondence with the association’s members, including ownership administration.