The accounting department is responsible for all accounting functions of the Association, including the banking and recording of all income and expenses.
The Accounting Department provides accounting services and manages the finances of the association ensuring there are an adequate system of accounting records and controls to properly manage the association’s operating cash and reserve accounts.
Staff is responsible for recording accounts, paying bills, tracking assets and expenditures, managing payroll and keeping track of critical tax documents as well as ensuring that reported results comply with generally accepted accounting principles.
Financial statements and planning:
- Budgets are prepared annually, usually starting in May, and approved by the Board prior to the end of October to allow sufficient time to send out annual disclosures to members.
- Financial statements are prepared monthly and compare actual performance against the approved budget. Monthly financial statements are submitted to the Board for approval.
- Separate planning and reporting are maintained for Common, Channels & Lagoons, Water Company and Water Quality operating and reserve accounts as well as the sixteen separate Cove/Townhome subdivisions with the TKPOA.
Looking to pay your quarterly assessment fees?
The TKPOA now offers automatic electronic payments through Paylease for your quarterly assessments. You can pay your assessment fees online and set up automatic payments.
Budgets, financial statements, cash management and more.
The Association’s financial statements are prepared on the accrual basis in conformity with professional standards applicable to not for-profit entities whereby revenues are recognized when earned and expenses are recognized when incurred.
The Association’s governing documents provide certain guidelines for its financial activities. To ensure the observance of limitations and restrictions on the use of financial resources, the Association maintains its accounts using fund accounting. Financial resources are classified for accounting and reporting purposes in two funds established according to their nature and purpose. The operations fund is used to account for the financial resources available for the general day-to-day operations of the Association. The replacement fund is used to accumulate financial resources designated for future major repairs and replacements.
The Association maintains cash in bank deposit accounts that, at times, may exceed federally insured limits. The Association has not experienced any losses in such accounts.
Membership in the Association is mandatory by virtue of unit ownership. Association members are subject to annual assessments, usually payable in equal quarterly installments, to provide funds for operating expenses and major repairs and replacements.
The Association’s policy is to retain a collection service and/or legal counsel and place liens on the properties of owners whose assessments are delinquent. In certain instances, foreclosure may be necessary. The collection process is explained in greater detail in the annually distributed delinquent assessment collection policy. Because of these collection procedures, the Board believes that, subject to a reasonable allowance for doubtful accounts, if any, all assessments are collectible.
Special and Emergency Assessments
In addition to regular annual assessments, special and/or emergency assessments may be imposed by the Association’s Board of Directors, under certain circumstances without member approval. Any excess assessments at year end are retained by the Association for use in the succeeding year.
Property and equipment maintained in the operations of the Association are recorded at cost and depreciated using the straight-line method over estimated useful lives of 2 to 20 years. The Association’s policy is to capitalize such items with a cost of $2,500 or more.
Assessment fees are due quarterly on the 1st of the month. There is a 30-day grace period. All fees not received within the grace period will be considered delinquent and assessed a 10% late fee.
|Period||Due Date||Delinquent On|
|Q1||January 1st||January 31st|
|Q2||April 1st||May 1st|
|Q3||July 1st||July 31st|
|Q4||October 1st||October 31st|
- Pay by Mail
Please mail a check with your TKPOA account number written on it along with the top portion of the invoice in the return envelope supplied. Postmarks are not honored, so mail early. Mailed payments may be sent to: Tahoe Keys Property Owners Association c/o FirstService Residential, PO Box 30354, Tampa, FL 33630
- Pay Online
You can pay online and even set up automatic payments through the Association’s electronic payments service provider Paylease.
- Pay by Credit Card
Payment of assessment fees by credit card is no longer supported.
Supported by the Finance Committee.
Accounting staff are responsible for the day-to-day financial operation of the association and prepare all financial statements and reporting. They work closely with the Finance Committee to approve monthly financials, review delinquent payments, assess fines and prepare annual budget recommendations for the Board.
The Finance Committee is a standing committee established and maintained by the Board of Directors. The Finance Committee assists the Board in preparing the Association’s annual budgets and complying with the other financial obligations of the Board. The Committee consists of at least three members, one of which shall be the Treasurer of the Association.
Budgets, financial statements, meeting minutes & agendas.
You can find documents related to the accounting department in the documents section of the website. This includes budgets, financial statements, as well as meeting agendas and minutes.