Offboarding Transition Timeline

It's inevitable: You will lose an Association. Sometimes it just was not a good fit, and it's a good thing; other times it's hard to hear. In this article, we'll discuss best practices around offboarding an Association from Vantaca and transitioning them to a new Management Company. 

Timeline:

• 30-45 Days Before
• 5 Days Before
• 1 Day Before
• 1st Week After

30-45 DAYS PRIOR TO TRANSITION DATE

• Issue Internal Company Email regarding Outgoing Association
• Process Seed Check Request and send to AP (inform AP and CM)
  • Date Check Mailed
  • Check Number
  • Amount
• Retrieve Hard Files (if Applicable) and Schedule Pickup Date
• Identify and Organize other Association physical Inventory (Keys, Passes, etc.) and Schedule Pickup Date
• Add Outgoing Transition Info to Vantaca. See Association Additional Info.
  • Association>Additional Info>.Transition Info 
• Send Email to New Management Company to include the following (reports/documents should be emailed or shared thru other means):

General Info

1. Property Information:
   • Physical Address
   • Tax ID #
   • Legal Name
   • Number of Units/Lots
   • Type of Property, Number of Buildings/Phases
2. Assessment Information:
   • Type of Assessment (Regular or Special)
   • Frequency Amount-include if it is fixed or based on % of Ownership (provide a separate report that includes the breakdown by owner/unit)
   • Associations Billing Preference
   • Current Special Assessment Details
   • Working Capital
3. Collection Information:
   • Late Date
   • Late Fee
   • Interest Fee
   • Collection Attorney Name and Contact Info
   • Late Fee Removal Policy
   • Payment Plan Policy
   • Formal Written Collection Policy if Applicable
4. Other Accounting Info
   • Cash or Accrual
   • Association Fiscal Year
   • Seed Check (provide amount and check number once the check has been processed)

Many of these fields can be populated as Merge Tags on a Letter Template. If these fields are not System tags as found in the article, they can be added as tags using Additional Info Fields. 

Email Reports/Documents

1. Documents:
   • Articles of Incorporation
   • Bylaws
   • CC&R’s
   • Rules and Regulations
   • Amendments
   • Plat Maps
2. Forms
3. Policies
4. Owner Listing
   • Current Account Number
   • Owner First Name, Last Name, Second Owner First Name, Second Owner Last Name, Business Name (In separate Columns)
   • Property Street Number, Address, City, State, Zip (in separate columns)
   • Lot/unit numbers (in separate columns)
   • Mailing Address, City/State and Zip
   • Telephone numbers and email addresses (in separate columns)
   • Communication Preference
   • This item is pulled from the Homeowners > Homeowner List page. Add the columns you need and export to excel.
5. Directors List/Committee List(s) and contact information (Include Name, Position, Email and Terms)
6. Current and Previous Year Operating Budget
7. Prior Year Last Month Financials and YTD Financials
8. YTD Bank Statements
9. Copy of all audits, reviews, or compilations and Federal and State tax returns for previous 2 years
10. Copy of all current insurance policies
11. Listing of all vendors, mailing addresses and telephone numbers (Provide YTD Invoice Images and notate any vendors that are currently on draft)
12. Current Contracts
13. YTD Board/Committee Meeting Minutes
14. Prior Year Annual Meeting Minutes

5 DAYS PRIOR TO END DATE

• Remind AP to stop Invoices/Checks
• Remind AR to stop Collections & Scanning Checks
• Remind Accountant to stop any recurring Transfers

1 DAY PRIOR TO END DATE

• Mark “Not Live” in Software (You may also want to add something to the Assoc name to denote the Association is no longer with you, typically by adding XXX to the beginning of the name.)
• Remove from Paylease (or Credit Card Processing Vendor)
• Remind Bank for Lockbox Purposes
• Inform Website Administrator to Remove from the Company Website

POST TRANSITION DATE (WITHIN THE FIRST WEEK)

• Produce final month financials
• Close out Funds for all accounts that will not remain open (provide amount and check numbers once they have been processed)
• Notify Additional Institutions to remove (MANAGEMENT COMPANY) from Signature Cards
• Final month Invoice Images
• Provide Beginning Balance Reports (AR and Prepaid) and Owner Transaction History (with complete history)
• YTD GL
• Accounts Payable Report
• Association Reports (if Applicable)
  • ARC Report
  • Violation
  • Work Order Summary
  • HO Charge Percentages
  • HO Charge Tags
  • Ownership Transfers
• Email any unpaid invoices
• Bill any remaining fees
• Process Secretary of State Resignation of Registered Agent
• Create Flash Drive with all Prior History to include:
  • Prior Year Budgets
  • Financials
  • Invoice Images
  • Copy of all audits, reviews, or compilations and Federal and State tax returns
  • Legal Files (to include liens and foreclosures)
  • All Board. Committee and Annual Meeting Minutes
  • Prior Insurance Policies
  • Prior Contracts and Proposal Files
  • Warranty Information
  • Homeowner Correspondences
  • Any other miscellaneous files