finance

  • Accounting

    The controller’s office is responsible for all accounting functions of the Association, including the banking and recording of all income and expenses of the Association. The Controller is responsible for the production of periodic financial reports, maintenance of an adequate system of accounting records, responsible for cash management and risk management, and maintaining a comprehensive set of controls and budgets designed to mitigate risk, enhance the accuracy of the Association's reported financial results, and ensure that reported results comply with generally accepted accounting principles standards. Position reports to the General Manager of the Association.

    Financials

    The financial statements are prepared on the accrual basis of accounting and 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.

    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. 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.

    Assessments receivable at the balance sheet date represents the aggregate amount of assessments due from unit owners. 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.

    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. 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.

    Financial Documents

    You can find documents related to this department in the DOCUMENTS section or by clicking one of the shortcuts to the right. Note that You will need to be logged in to access the documents

  • Finance Committee

    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.

    In addition to the review of the annual budgets, the Finance Committee performs the following:

    • Review of the annual and interim financial statements
    • Review of the annual reserve studies
    • Review of capital expenditures
    • Review of the annual insurance quotes

    Recommendations by the Finance Committee are made to the Board for approval.

    You can find the necessary forms and instructions in the DOCUMENTS section or by clicking one of the shortcuts to the right. You will need to be logged in to access the documents

    The Finance Committee meets every other Monday at 9:00 am. See the calendar for more details. Any property owner or its legal representative may appear before the committee.

    TKPOA Finance Committee Meetings Protocol

    The Financial Committee desires to make our meetings more efficient and ensure that every member, at the appropriate times in the meetings, has an equal opportunity to share their comments. To that end, we are publishing our meeting procedures which will result in more professional, organized meetings.

    1. Finance Committee meetings are the time at which the committee conducts its business.
    2. Speakers must be TKPOA members in good standing.
    3. Each speaker will be allowed to speak for a reasonable time, only on topic and only until repetition occurs.
    4. Each speaker will only be allowed to speak one time per project.
    5. Civility is required at all times.
    6. Inappropriate behavior will not be tolerated. (Inappropriate behavior would include, but not be limited to: treating others disrespectfully or in any uncivilized manner, speaking without be given the floor, refusing to stay on topic or generally failing to adhere to meeting protocol)
    7. Anyone exhibiting abusive or objectionable behavior will be asked to leave. If the person refuses to comply, recess will be called by the chair and assistance for removal will be requested.
    8. The Committee will conduct deliberations after listening to all property owners. Audience participation during committee deliberation will not be permitted.
    9. Meeting agendas will be posted 7 days prior to the next scheduled Finance Committee meeting.