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Dear Valued Great North Home Owner,
It is my great pleasure to introduce our first company newsletter to you. In this time of economic uncertainty, Great North understands that you expect to get more for less. We are committed to delivering quality customer service and recognize that this begins with communication. To enhance the communication services we provide, Great North is currently redesigning the company website, reducing response time for our clients, providing additional services such as an automated call service and now this new quarterly newsletter. Additionally, we have made recent capital investments in the purchase of all new computers for our accounting team.
These investments are making a difference and other associations are taking notice. The following associations recently decided to work with the team here at Great North for their property management needs:
** Oak Bridge Condominium Association in Concord, NH
** Waukewan Village Condominium Association in Meredith, NH
** Fairway Oaks Condominium Association in Haverhill, MA
** Boxberry Square in Rockland, MA
We appreciate your confidence in Great North and will continue to work tirelessly to earn your business every day. Please stay tuned for the new website and your next newsletter.
Sincerely,
Lou Gargiulo
President and Founder |
| Changes to Condominium Laws |
New Hampshire
HB 376 passed the legislature and will become law effective January 1, 2010. This new law will require the minutes of Board meetings to be made available to owners within 60 days of the Board meeting, or within 15 days following the date the minutes are actually approved by the Board, whichever date comes first.
Massachusetts
CHANGES TO THE MASSACHUSETTS TAX CODE AND
ITS EFFECT ON CONDOMINIUMS:
- All condominiums will now be subject to the minimum corporate tax of $456.
- All condominiums will now have to file state Form 355 - this is a significantly more detailed form than the previous Form 3M.
- As it pertains to taxable income, which is generally interest income, the rate on the old Form 3M was 5.3%, but on Form 355 the new tax rate is 9.5%.
- The new forms must generally be filed electronically.
The biggest impact of the changes to the Massachusetts tax code could be on those condominiums maintaining large reserve accounts because these funds may be included in the calculation of net worth and subject to additional tax.
Great North will continue to analyze these changes and will provide additional information to our Massachusetts condominium associations in the coming months. |
| Accredited Management Organization |
| Great North Property Management has earned the elite and prestigious ACCREDITED MANAGEMENT ORGANIZATION [AMO] accreditation from the Institute of Real Estate Management (IREM), an affiliate of the National Association of Realtors.
Great North is now one of 530 elite firms nationwide to hold this prestigious accreditation.
The AMO accreditation is awarded to real estate firms that have a track record of high performance, experience, stability and financial accountability and have a CERTIFIED PROPERTY MANAGER directing and supervising the real estate management team. In addition AMO firms must abide by a rigorous Code of Professional Ethics that is strictly enforced by the Institute. |
| New Home Interior Services Division |
We are pleased to announce the creation of the new Great North Property Management Home Interior Services Division. This division was started in an effort to respond to the needs of the home owners we serve with any interior repair or refurbishment needs.
Remember Great North if you are planning to:
*** Renovate your kitchen, bathrooms or entire unit
*** Paint
*** Sheetrock
*** Hardwood flooring
*** Wallpaper
*** Install new walls
*** Cabinetry
*** Shelving, molding or trim
*** Finish carpentry
*** Window & door installation
*** Investor owned unit refurbishments (prior to new lease)
Great North has been providing superior service to condominium / homeowner associations for twenty years. We look forward to helping you with your interior projects in the years ahead.
If you'd like to set up an appointment please call:
1-800-639-7309 ext. 42.
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Great North Property Management, established in 1990, is a full service real estate management firm specializing in the management of condominium associations throughout New England.
We give you attention from the principals of the company, unsurpassed service, and extensive knowledge of the marketplace. We handle all of your financial, administrative, contractual and legal matters.
If you wish to contact us regarding a service request, accounting inquiry, change of address, or a 6(d) certificate/statement of fees, please direct inquiries to:
Great North Property Management, Inc.
Corporate Headquarters - Accounting
Malt House Exchange
95 Brewery Lane Suite 10/11
Portsmouth, NH 03801
Phone: (603) 436-4100
(800) 639-7309 (Outside New Hampshire)
Fax: (603) 766-6548
Fax:(603) 278-7585
We go the extra mile every day.
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| The Benefits of ACH |
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The Automated Clearing House Network allows you to pay your condo fees and related expenses by making a direct transfer from your bank account to your association's account.
Avoid the hassle of remembering to send your monthly payments, risking a late fee, and begin saving yourself the rising expense of a stamp.
The Automated Clearing House (ACH) Network is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA OPERATING RULES which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries.
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| Our New Staff |
Minda joined the team last month as a staff accountant. |
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