Solstice manages all day-to-day building operations in an efficient, straight forward manner, dealing cost-effectively and time-sensitively with such complexities as capital improvement planning and execution, physical and mechanical plant maintenance, staff supervision, the articulation of financial goals and the imposition of financial controls, the careful execution of ownership transfers, and most importantly, communicating with residents, boards, professionals and staff responsively, politely, and accurately.
The scope of the firm's property management capabilities, include developing and implementing smaller capital programs to large multi-phase/multi-million dollar 5-year capital plans for managed buildings with priority timelines and detailed and accurate budgets.
We are experts in mechanical installations, façade restorations, plumbing risers, electrical redistribution, and basement, lobby and hallway renovations.
Solstice takes pride in managing and developing a strong relationship with building staff. We work closely with the staff to ensure building cleanliness, safety, security and compliance with policy and quality of life issues.
To effectively and efficiently manage this process, Solstice publishes an employee manual which is customized for every building we manage containing job descriptions, procedures, sample work schedules, and instructions to help staff exercise good and mature judgment in their work.
Our financial department, led by an in-house CPA, is responsible for billing, collecting and posting common charges received from unit owners, applying late fees in accordance with board policy, accounts payable including payment of all vendor bills, utility bills, mortgages, taxes, and other contractual payables. Responsibilities also include:
- Preparation and distribution of monthly financial statements outlining the building's cash position, receivables and payables, including current and year-to-date income and expense reports
- Maintenance/common chares collection reports detailing the amount billed, amount collected, date and check number posted
- Unit owner' arrears report - Vendor payment ledger including invoice number, amount paid, date paid, check number, and year-to-date payments made
- Statement of unpaid bills detailing number of days outstanding
- General ledger
- Tracking of expenditures, including budget to actual comparisons, with detailed explanations for significant variances
- Copies of bank statements
- Monthly bank reconciliation
- Detailed cash and capital accounts reports, which are produced outside the standardized management software systems
- Financial reports are generally produced and distributed no later than the 20th day of the month - Advanced Systems and Reporting
- The Company utilizes Skyline Management Software System as its core accounting package
Emergencies / Crisis Management
Solstice operates and maintains an emergency on-call system to ensure client accessibility 24 hours a day, 365 days a year. We are thoroughly knowledgeable and well experienced in coordinating and handling emergencies at all hours including flood, fire, etc. We work with an established number of emergency response vendors - several of which are under contract - who are committed to Solstice in times of need and who adhere to strict minimum response requirements.
Solstice is a leader in identifying and reducing energy consumption for managed buildings. We participate in a variety of programs available through the New York State Energy research and Development Authority (NYSERDA), including the Multi Family Performance Program, electricity curtailment programs, energy efficient and "green" products, bi-level lighting, and energy education.
Solstice prides itself on responding to all resident inquiries in a timely manner. Someone on our team is always available to answer questions from board members, residents, professionals and others as they arise, returning all calls on the same day without fail, even if we do not have an answer to the specific question at the time. With every new management assignment, the Solstice team hosts an introductory cocktail party to meet the residents of the building and exchange information.
Solstice includes the board in all management activities, as well as in all decisions to the extent the board members want to be involved. Our philosophy: keep lines of communication open, initiate recommendations and ideas and share them with the board. The board makes the policies; we implement them.
Our process begins by providing the board with a detailed action list and status report for all open building issues. At board meetings, Solstice provides a package including an agenda, the previous meeting's minutes for approval, management actions, action lists, financial reports, bids for services, copies of any relevant correspondence, and any other important information. This package is circulated well before the board meeting, allowing time for members to review, make policy recommendations, and ask questions.
Headed up by our in-house corporate counsel, Solstice provides a fully functional closing department to process and expedite apartment transfers and leasing in accordance with the board policies of our portfolio properties. The transfer department receives and processes applications for review by the board within 72 hours of receipt of the required information. Upon approval, Solstice works with sellers and purchaser professionals to schedule and implement closings.
Residents will be able to log in and access building news, information, forms and documents.