Working to Protect Your Money
One of the most important responsibilities of the board is to manage the association’s funds—your money.
We take this responsibility seriously; these are the procedures we insist on to protect your money:
蕠 Association financial records are audited annually by a certified public accountant.
蕠 Bank statements are reconciled promptly each month.
蕠 The balance sheet and profit and loss statement are reviewed each month, and expenses are compared
to the budget each month.
蕠 Association reserve accounts are analyzed annually to ensure they are adequate for future needs.
蕠 The association has an investment policy that safeguards the principle of invested funds, a signature policy
that safeguards operating funds, and a collection policy that safeguards cash flow.
蕠 All association management personnel who have access to association funds are bonded.
蕠 Kickbacks are prohibited and any possible conflict of interest must be disclosed.
蕠 Checks and balances are in place to ensure the safety of association funds—such as board reviews
and management internal controls.
sessments-The Best Bargain in Town
Some people question why they have to pay what is commonly known as the member assessment when they move into a condominium or homeowner association. While assessments may be a technically correct term, the fact is that they are actually property maintenance fees. When the collective buying power of the entire association is factored in, they prove to be a real
bargain for individual homeowners. These fees cover exterior maintenance, landscaping, trash removal, common area utilities plus all water, gate operations and maintenance, recreation facilities, and more. They also include saving for future big-ticket items like roofs, exterior wood staining, and repaving. Proper reserve funding for capital projects can minimize or eliminate the need for special assessments in the future.
easons for an Assessment Increase
1. Legal expenses to defend the association from lawsuits
2. Non-payment of assessments by owners
3. Payment of insurance deductibles.
4. Community aging, more building maintenance needed.
5. Ongoing vandalism/damages caused by residents and/or their guests paid for by the Association.
One of the most important responsibilities of the board is to manage the association’s funds—your money.
We take this responsibility seriously; these are the procedures we insist on to protect your money:
蕠 Association financial records are audited annually by a certified public accountant.
蕠 Bank statements are reconciled promptly each month.
蕠 The balance sheet and profit and loss statement are reviewed each month, and expenses are compared
to the budget each month.
蕠 Association reserve accounts are analyzed annually to ensure they are adequate for future needs.
蕠 The association has an investment policy that safeguards the principle of invested funds, a signature policy
that safeguards operating funds, and a collection policy that safeguards cash flow.
蕠 All association management personnel who have access to association funds are bonded.
蕠 Kickbacks are prohibited and any possible conflict of interest must be disclosed.
蕠 Checks and balances are in place to ensure the safety of association funds—such as board reviews
and management internal controls.
sessments-The Best Bargain in Town
Some people question why they have to pay what is commonly known as the member assessment when they move into a condominium or homeowner association. While assessments may be a technically correct term, the fact is that they are actually property maintenance fees. When the collective buying power of the entire association is factored in, they prove to be a real
bargain for individual homeowners. These fees cover exterior maintenance, landscaping, trash removal, common area utilities plus all water, gate operations and maintenance, recreation facilities, and more. They also include saving for future big-ticket items like roofs, exterior wood staining, and repaving. Proper reserve funding for capital projects can minimize or eliminate the need for special assessments in the future.
easons for an Assessment Increase
1. Legal expenses to defend the association from lawsuits
2. Non-payment of assessments by owners
3. Payment of insurance deductibles.
4. Community aging, more building maintenance needed.
5. Ongoing vandalism/damages caused by residents and/or their guests paid for by the Association.
