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2024 Company Profile

Dear Board of Directors,

As the premier community management company serving Washington DC, Maryland, and Virginia, EJF is uniquely qualified to deliver exceptional services in preserving, protecting and enhancing your community. Whether it’s through our proven expertise in managing association finances, our innovative approach in overcoming maintenance challenges, or our extensive knowledge in leveraging technologies to streamline operations, we create opportunities to improve efficiencies and help associations achieve their highest potential.

For over three decades, EJF has been advocating for our clients’ interests, helping boards align actions with values, and cultivating communities that residents are proud to call home. We welcome the opportunity to explore how our extensive market knowledge, hands-on industry experience and best-in-class customer service can help Demuren Court thrive.

Sincerely,

/S/

Scott Burka, PCAM President EJF Real Estate Services scott.burka@ejfrealestate.com 202-537-1801

ABOUT US

February 2024

EJF was founded in 1989 by owners Peter and Matthew Greeves, who recognized the need for a professional community management firm specializing in association management in the Washington DC area. EJF now manages approximately 500 communities ranging in size from 10 to over 300 units of all types, styles and sizes.

We have an executive team of five with combined industry experience of over 125 years and a team of 30 community(portfolio) managers whose experience level varies from mid-career managers with five to ten years of experience managing condos, co-ops, and HOA’s to senior level property managers with ten to 20 years of industry experience, several of whom have been with the company for more than ten years. Every community manager is supported by a dedicated assistant community manager, providing residents and board members two points of contact with intimate knowledge of the communities’ operations.

Unlike some of our competitors who have multiple office locations, EJF’s team operates under one roof, fostering collaboration and the exchange of information and ideas among teammates. We take a team approach to management, which not only yields a better standard of performance, but also provides for long term continuity and stability of community operations.

As a company, our principals and employees hold multiple Broker, Salesperson, and Property Manager licenses. We have been members of Community Associations Institute (CAI) for more than 25 years with many of our managers holding professional CAI designations, including the Certified Manager of Community Associations (CMCA) designation, the Association Management Specialist (AMS) designation and the Professional Community Association Manager (PCAM) designation. We also hold CAI’s Accredited Association Management Company (AAMC) designation and are one of only approximately 300 companies nationwide to have received this accreditation.

Having been in the business for over 30 years, EJF’s extensive experience working in the District of Columbia provides our clients with substantial vendors, consultants, and site employees resources Our personal, direct interaction and management style leads to markedly better operational performance and helps communities thrive

THE EJF PHILOSOPHY

Our philosophy for management centers around the concept of teamwork and education. We see our role as being responsible for the physical, administrative and financial aspects of the property’s operation and the Board’s role as setting policies We provide our Board member clients with regular educational resources, including a Board handbook, an initial presentation

on the Board’s responsibilities to cover how to understand governing documents and a separate, full analysis and explanation of the association’s financials. Additionally, EJF frequently offers education opportunities such as webinars and lunch-and-learns to boards. We recently held a webinar for understanding the Fannie Mae lending guidelines that was attended by over 50 board members.

An important cornerstone of our company operations is an internal management system that thoughtfully divides managers into teams (“pods”) with a team lead/supervisor. Pods meet weekly to track metrics and ensure deliverables for each client are being completed on time These deliverables include reviewing and approving invoices within three days of receipt, preparing a Friday Five email update on items worked on for the week just ending, completing monthly inspection/financial variance reports and more. This pod/team system also allows for better coverage during manager absences, encourages idea-sharing and promotes accountability Our executive team reviews pod performance weekly and holds meetings with our entire community manager team twice a month

Lastly, we strongly believe in proactive, rather than reactive, management. Once settled in with a new client, our team will review the association’s reserve study, finances and observed physical state to help evaluate its mechanical needs, staffing (if applicable), and what the one-, three- and five- year priorities are. The community manager will continue to engage closely with the board to perform periodic evaluation of the community’s evolving needs.

COMMUNICATION

We believe communication is key to successful community management and are committed to providing timely and effective responses. Community and assistant community managers work best with emails but also actively monitor phone calls. Urgent, time-sensitive issues are triaged and responded to immediately, while all communications are expected to be acknowledged within 24 business hours.

To ensure owners and residents receive the support they need quickly and consistently, EJF offers a dedicated Client Services team who fields phone calls and emails from 7:30 AM to 8:00 PM, Monday to Friday. This team of six primarily handles basic inquiries from owners and residents, such as questions regarding owners’ assessment accounts, key/fob orders, EJF’s Owners’ portal, as well as other rules and regulations such as move-in/move-out policy. Most routine requests are usually resolved during the initial contact. Requests that require third-party vendor resolution are expected to be closed out within seven days.

Urgent, time-sensitive concerns that require higher-level intervention are immediately escalated by Client Services to the Community Manager, who will then forward to the Board for awareness and/or input where necessary.

All resident/owner requests received are placed into our Work Ticket system (accessible through the EJF Owners’ Portal) and can be tracked by the owners and Board, ensuring transparency. Requests will then be stepped through all required actions until completion or

resolution. The Board and Community Manager have the ability to monitor these work tickets for potential issues through the portal.

Additionally, any request or issues raised can be escalated to the Assistant Community Manager, the Community Manager, their pod leader, or the Director of Community Managers as needed. The Board will primarily liaise with the Community Manager, Assistant Community Manager and the Executive Team.

EMERGENCY SERVICE

EJF maintains live, after-hours response services that can be accessed simply by calling our main number and being prompted to select extension 5. Reported issue will be triaged based on the urgency and appropriate vendors will be dispatched as necessary. If needed, the on-call personnel will contact the client’s portfolio manager directly for assistance. We also provide secondary and tertiary support as back-up to the primary on-call personnel, allowing for seamless coverage in the event of emergencies.

FINANCIAL MANAGEMENT

The importance of financial stability in the long-term success of a community cannot be understated. At EJF, our dedicated, multi-disciplined teams employ best practices, streamlined processes and industry-leading technologies to deliver fiscal management services that prioritize accuracy, transparency, and accountability.

EJF uses Vantaca, a leading community management platform, to manage the finances of our associations. Monthly financial reports are delivered electronically to the Board by the 15th day of the month. Historic financial reports are electronically archived in the Document Library within Vantaca and backed up to our Microsoft Sharepoint server.

Expenditure reviews are conducted each time an invoice is presented. If pricing differences from contract of more than 10 -15% are identified, the Community Manager will work with vendors/utilities to correct, research or to negotiate resolutions. Additionally, our invoice processing workflow involves a minimum of five steps/checkpoints, including an automatic check against amounts of prior payments. Any significant or unexplained variances are investigated before payment is authorized.

Also included in our full-service management service is annual budget preparation, to include both operating budget and capital budget (for reserve components). Our budgeting process begins five months prior to the end of the current fiscal year and includes reaching out to vendors to check for any price increases in the coming year, a discussion between the Community Manager and the Board on any budget priorities, changes or anticipated new expenses, and a review of the most current reserve study. A draft budget is then prepared by the Community Manager with support from the EJF Finance Team and presented to the Board for review approximately 90-120 days before the start of the new fiscal year. Typically, the

review happens in one or two working sessions where a line-by-line analysis is executed and adjustments are implemented. EJF recommends that the Board vote to adopt the new budget no later than 60-75 days prior to the end of the current fiscal year or as required by the governing documents.

EJF’s Finance Team and senior managers engage with community managers closely during budget season to ensure budget preparations are on track and on schedule. Draft budgets are reviewed by a senior level finance manager prior to presentation to the Board.

TECHNOLOGY

EJF invests heavily in technologies and leverages several major software programs to help us provide unrivaled management services to our communities. At the center of these technologies is Vantaca, an industry-leading community management platform that connects the management team, board members and homeowners at every touchpoint, empowering the communities we serve through process automation and on-time communications.

Vantaca offers interfaces that can be differentiated based on user type (Board of Directors, Committees, Owners and Management). Board-level features include viewing the association’s real-time bank account balances and researching paid invoices. The Board can also utilize the portal to track work orders placed.

In addition to owners, the association’s attorneys and accountants also have the ability to access association records within Vantaca, facilitating the services they provide.

To learn more about the features available to board members through the Vantaca portal, please refer to the following instructional videos:

1. Making Payments - http://vimeo.com/606182218

2. Viewing Community Calendar - http://vimeo.com/606182931

3. Bank Accounts Review for Board Members - http://vimeo.com/647505052

4. Board Portal - Collections Page: https://vimeo.com/647503389

5. Viewing homeowners: https://vimeo.com/647504067

6. EJF Work Ticket System: https://youtu.be/SocR0rso76g

EJF also utilizes Microsoft Office suite of programs. Both Vantaca and Microsoft Sharepoint systems serve as document repositories, providing redundancy. Community data is also saved to the cloud.

Lastly, EJF maintains a cyber insurance policy which annually requires a full vetting of our firewall and other protocols.

EJF’S MAINTENANCE APPROACH

Based on our extensive history, size and experience, we are well-versed in the management of associations of all types and configurations. We have created internal systems that include an annual calendar for maintenance items, maintenance project tracking logs and more to prevent unforeseen service interruptions and to ensure longevity of the building’s mechanical systems. These systems are backed up by monthly inspections performed on software through a cell phone with pictures and reports generated.

Additionally, we have access to vendors who can provide value-adding services ranging from solar energy analysis to building defect inspection.

For larger projects, we generally recommend the use of a 3rd-party, industry-specific specialist. This can be a project manager, engineer, architect or mechanical consultant. When an outside specialist is utilized, we can be involved at whatever capacity the Board directs, such as managing the bidding process, attending progress meetings, performing site inspections, etc.

As noted above, our size and history within the industry ensure quality workmanship by service providers we partner with. EJF does not have financial interest in any 3rd party vendors.

SAVINGS EVALUATION

Successful management of your association requires skillful stewardship of community resources. Your Community Manager will work alongside our Financial & Executive teams to periodically evaluate the evolving needs of your community and identify areas to maximize value. Some of these value-adding services we provide include:

• An energy audit (for a fee) of all common elements to identify electrical cost savings

• Periodic service contract review to determine if the community is paying market rates. If not, our team will re-negotiate contracts or solicit proposals for consideration

• Insurance policy assessment to confirm adequate and appropriate coverage and evaluate whether adjusting deductible will yield cost savings

• Bulk purchasing agreement of utilities, if available

COMMUNITY MANAGEMENT STAFFING STRUCTURE

The site manager, Community Manager and Assistant Community Manager will be the Board’s primary points of contact. However, we believe in taking a team approach to community management and a network of other EJF teams, including the Executive Team, members of the community manager’s pod, Client Services team as well as the Finance Team, will be providing auxiliary support:

- Executive Team: The executive team is committed to ensuring every client receives the best in customer service. They serve as a resource to boards who are facing complex issues for which a higher level of experience, advice and guidance is required.

- Community Manager: The Community Manager oversees the day-to-day operations of the association, including the management of vendors, work projects, and emergencies. The Community Manager also works with the board on long term planning and implementation of capital projects.

- Assistant Community Manager: The Assistant Community Manager supports the Community Manager in carrying out association-related responsibilities and functions and as a secondary point of contact for the board for questions and updates on community projects. Their duties include special projects, invoice review and approval, work order processing and communication with owners and board members.

- Client Services: Our Client Services representatives provide first-tier support for owners and residents, such as reviewing account histories, explaining payment options, assisting with web portal access as well as intaking work orders for maintenance and repair requests. Client Services team members are also well-versed in communityspecific information such as moving policies, pet policy, rules and regulations etc.

- Finance Team: EJF’s Finance Team handles routine financial transactions of the association, including the collection of assessments, payment of invoices, reconciliation of bank accounts, preparation of financial reporting and furnishment of financial records needed for the annual tax returns and audit. Additionally, the Finance Team provides board training on financial matters and assists boards with establishing special assessments, obtaining financing for capital projects and refinancing existing debt.

TRANSITION PLAN

Over the years, EJF’s dedicated Onboarding Team has developed effective and actionable strategies to ensure seamless management transitions. These strategies have enabled us to transition on average over 35 association management clients to our portfolio on an annual basis

Our transition process generally takes a few weeks, assuming information from prior management is received in a timely manner. The transition begins with the review of the management contract by the association’s legal counsel. Once the contract review is complete and the contract is finalized and awarded, the burden then shifts to EJF to administer the transition process. Initial documentation is requested from prior management including the tax identification number, late fee policy, collections policy, owners’ contact list, association budget, fee schedule as well as vendor listing and fiscal year information. We have a dedicated team of onboarding staff who utilizes a workflow software system (Monday.com) to manage and optimize this entire process, closely tracking over 120 transition items to ensure milestones are met and mitigate risks that may lead to service delays.

Approximately ten to 15 days prior to transition, EJF sends a welcome package to the incoming community, announcing the change in management and providing detailed instructions and options for making assessment payments. This welcome package also contains log-in instructions for the web-based EJF Owners’ Portal (Vantaca), contact information for EJF’s Client Services team in addition to other pertinent information the community will need to be advised of regarding the change in management. Our onboarding team invests a significant amount of time before the transition takes place to ensure the entire process runs seamlessly.

Once the transition date occurs, EJF will retrieve hardcopy files and remaining data from outgoing management. Viewing the whole process from management’s perspective, we work backwards and allocate 30 days for the entire transition comfortably.

THE FIRST 60 DAYS

EJF’s first 60 days with the association begins with a walkthrough of the property by the Community Manager and the Board of Directors shortly after EJF assumes management of the community, with the purpose of identifying issues and/or concerns that need to be addressed. The list of items is documented and provided to the Board within the first 60 days to be prioritized as near-, mid- and long-term objectives based on time sensitivity. The Community Manager will then work with the Board to create a tracking document, in an agreed-upon format, that can be updated weekly or monthly as appropriate to monitor the progress of each of the items. The tracking document will detail action plans as agreed to by the Board and the Community Manager.

Appendix – FOR NOTES ONLY; to be deleted

Appendix I – Proposed Management Agreement

Appendix II – References

Appendix III – Executive Bios

Appendix IV – Sample Financials