This gated community provides residents of Houston, Texas, with over 1,000 single-family homes and a variety of amenities. Homeowners enjoy tennis courts, two pools, a sand volleyball court, fitness center, clubhouse, and several lakes.
Operating on such a large scale, the community was unaware that it was owed more than $14,000 in unclaimed funds from the State of Texas. A large portion of the funds owed to the association were the result of a lost insurance claim check of more than $9,000. The insurance provider issued the check, but the community’s prior management company had never cashed it. The challenge was finding the resources to reclaim the lost funds.
The unclaimed funds were first discovered by Sonia L.,general manager, Associa Principal Management Group of Houston, by performing an unclaimed property search in the State of Texas database. To receive payment, the state requires proof of identity, proof of business, and proof of claim. The management team gathered the necessary information to prove identity and business: AOI, the bylaws, annual meeting minutes, management contract, business cards, and drivers’ licenses. However, it also had to provide proof of claim. A task that invested more time, the team worked to determine the name of the original business that issued the check, contact the community’s prior management for old documents (meeting minutes, action list, and invoices),locate correspondence regarding the transaction, locate the company that bought out the original insurance carrier, and much more. Due to Sonia’s diligence, the team was able to secure all of the documents needed. She submitted the paperwork on behalf of the community and received more than $14,000 for the association. This resulted in a large financial boost for the community.