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Transition FAQ

Q: Why is transitioning important?
A: Switching to a new management company could feel like entering uncharted territory. However, we are here to guide you through it. Transitioning is crucial to ensure smooth operations and effective management of your community.
Q: What's the best date to start with Five Star CAM?
A: Ideally, choose the first day of any month. This simplifies financial reporting. For instance, starting mid-month can create complications as no one company can effectively manage that month's financial reporting.
Q: Should we review our previous contract?
A: Yes. Review your current management company's contract. Check for any annual agreements, termination notice requirements, and auto-renewal clauses.
Q: What is an "official start date"?
A: It's the exact day Five Star CAM begins its services. For clarity, if we start on February 1, the previous company should wrap up by January 31.
Q: Which month is best to start?
A: Any month's beginning is ideal. Although some associations prefer transitioning around annual meetings or assessment notices, it's more crucial to consider when your current management contract ends.
Q: How do we inform our current management company about the transition?
A: After signing with Five Star CAM, inform your current company through a phone call, email, and a Certified letter.
Q: Can you provide a sample Termination Notice?
A: Yes! Here's a template:
Dear [Manager's Name],

On behalf of the [Your Association Name] Board of Directors, we thank you for your management services. After careful consideration, we've decided to transition to Five Star Community Association Management. They'll start on [Start Date].

Please accept this as our [30/60/90] day termination notice as per our agreement.

The transition team from Five Star CAM will contact you soon.

This has also been sent via US Mail/Certified Mail. We appreciate your cooperation until [End Date].

Regards,

[Your Association] Board of Directors



⁠

Transition Process Overview

Q: How long does the transition process take?
A: Once we have a signed agreement, Five Star CAM starts the internal transition work. We allocate 90 days from your contract start date for the entire process. Your financials will not be accurate until after the 90 day period.
Q: Will transition activities continue post the start date?
A: Yes. Activities such as receiving final balances, last month's financials, and printed information from the prior company continue post the start date.
Q: Is there a dedicated team for this process?
A: Yes! Our dedicated transition team handles everything from bank accounts to incoming funds. We have a comprehensive checklist ensuring minimal stress for you.
Q: Who informs our vendors about the change?
A: Five Star CAM will contact your vendors and utilities.
Q: When will homeowners receive an introduction to Five Star CAM?
A: An official introduction letter is sent just before the start date.
Q: What documents will Five Star CAM receive from the previous company?
A: We expect a plethora of PDFs, including contracts, homeowner balance information, governing documents, vendor information, insurance policies, and historical data.
Q: Are there any documents Five Star CAM won't receive?
A: Yes. We don't receive emails or the previous management company's internal information.
Q: Will Five Star CAM receive any physical documents?
A: Certainly. We'll receive all paper records. The volume varies, but we typically focus on the most recent couple of years unless specified.
⁠

Watching the Money

Q: Which bank will you use?
A: Five Star CAM uses Alliance Association Bank, an FDIC-insured local bank integrated with our accounting software. This ensures timely financial distributions.
Q: Will new bank accounts be opened?
A: Yes. New bank accounts ensure a clean banking history from the start date.
Q: Will our budget remain unchanged?
A: If an approved budget exists for the year, we will adopt it.
Q: What about our General Ledger codes?
A: We map your existing GL codes to Five Star CAM's ledger coding system. If needed, specialized codes will be created.
Q: When will we receive our first financial package?
A: The first package will be the last one from your prior company. We'll reconcile it and then provide our financials. Typically, you'll receive them between the 1st and 15th business day of the month.
Q: How are homeowner balances managed?
A: Post the start date, final balances are received from the prior company and then input into our system. We recommend boards and treasurers review these for accuracy.
⁠

Jumping Into Five Star CAM Technology

Q: When can homeowners access their accounts?
A: After receiving the "Introduction to Five Star CAM" letter, owners can register through the “Owner Portal” link on the Five Star CAM website. Click here for access.
Q: What access will the board have?
A: Apart from standard access, board members get an exclusive "Board of Directors" tab for in-depth information.
⁠

Architectural Control

Q: What about modification requests from the prior company?
A: Ideally, close out all requests before the start date. Keep a record of any outstanding ones for Five Star CAM.
Q: Will compliance issues be transferred?
A: Not automatically. Make note of significant issues, grandfathered items, and legal concerns.
⁠

Miscellaneous

Q: How can the board assist?
A: Before the start date, provide:
Board and committee members' details.
Gate and access codes.
Clubhouse rental processes.
Outstanding modification requests and serious compliance issues.
Post the start date:
Review the Board Orientation package.
Log in to the Five Star CAM website.
Ensure all pressing matters are addressed.
Q: When do we meet our team in person?
A: You’ll meet your team after the contract has been signed. A manager will be assigned before the introduction letters are mailed.
⁠

Final Note

For all new board members, we understand transitioning can be a daunting process. But with our unique process, we aim to simplify responsibilities and make the journey transparent and predictable. Our advice? Trust the process and let's work together for a seamless transition!
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