Post by Admin on Dec 4, 2013 5:56:42 GMT -5
From CHUG
Board_Report Date: 01/13/2012 Seq: 1
PROFESSIONAL ASSOCIATION MANAGEMENT
I. Management Company is employed by S-bag Lake Owners Association (SLohA).
II. Management Company renders service and performs duties in accordance with all SLohA Covenants, By-Laws, Rules & Regulations and….in strict compliance with the laws of the State of Florida. All such services are…
UNDER THE DIRECTION OF THE BOARD OF DIRECTORS OF SLohA.
III. Management Company performs a variety of duties including management of daily operations for S-bag Lake Resort (SLR) and bookkeeping services.
A. Management Company is on-site 40 hours per week.
B. Management Company “manages" all SLohA employees - NOT THE BOARD OF DIRECTORS (BOD). This includes a variety of Human Resource Functions:
1. Management Company accurately maintains all employee benefit records and submits to applicable agencies as required.
2. Management Company provides an annual update of all employee job descriptions as required.
3. Management Company meets annually with all employees to plan performance/evaluate & set goals.
4. Management Company provides annual written performance evaluations for all SLohA employees.
5. Management Company will report, discuss and resolve
any employee problems to the President of the BOD.
C. Management Company collects quarterly assessments and all other monies due from members of the Association. This activity takes place per BOD's authorization. Any decision to pursue legal activities pursuant to collection of said funds is only done at the direction of the BOD -- per SOP. All funds collected are deposited in bank accounts in the name of SLohA as directed by the BOD.
D. Management Company uses a system of accrual accounting as required by Florida statutes for all financial reports of SLohA. These reports are, but not limited to:
1. Balance Statement
2. Income and Expense Statement (includes actual to budget comparison)
3. Delinquent Owners Report
4. Cash Disbursement Report
5. Owner Activity Report
6. Bank Reconciliations
7. General Ledger (if requested)
The monthly closeout is performed by a licensed external accounting firm separate from Stmbug Ixx and our auditor. The fees for this service are paid for by Stmbug Ixx.
E. At the request of the BOD, the Management Company provides necessary documentation to the BOD for review and preparation of the SLohA annual budget.
F. Management Company provides periodic Reserve Fund analysis.
G. Management Company maintains an up to date owner roster.
H. Management Company ensures that State and local permits and contracts are current.
Board_Report Date: 01/13/2012 Seq: 1
PROFESSIONAL ASSOCIATION MANAGEMENT
I. Management Company is employed by S-bag Lake Owners Association (SLohA).
II. Management Company renders service and performs duties in accordance with all SLohA Covenants, By-Laws, Rules & Regulations and….in strict compliance with the laws of the State of Florida. All such services are…
UNDER THE DIRECTION OF THE BOARD OF DIRECTORS OF SLohA.
III. Management Company performs a variety of duties including management of daily operations for S-bag Lake Resort (SLR) and bookkeeping services.
A. Management Company is on-site 40 hours per week.
B. Management Company “manages" all SLohA employees - NOT THE BOARD OF DIRECTORS (BOD). This includes a variety of Human Resource Functions:
1. Management Company accurately maintains all employee benefit records and submits to applicable agencies as required.
2. Management Company provides an annual update of all employee job descriptions as required.
3. Management Company meets annually with all employees to plan performance/evaluate & set goals.
4. Management Company provides annual written performance evaluations for all SLohA employees.
5. Management Company will report, discuss and resolve
any employee problems to the President of the BOD.
C. Management Company collects quarterly assessments and all other monies due from members of the Association. This activity takes place per BOD's authorization. Any decision to pursue legal activities pursuant to collection of said funds is only done at the direction of the BOD -- per SOP. All funds collected are deposited in bank accounts in the name of SLohA as directed by the BOD.
D. Management Company uses a system of accrual accounting as required by Florida statutes for all financial reports of SLohA. These reports are, but not limited to:
1. Balance Statement
2. Income and Expense Statement (includes actual to budget comparison)
3. Delinquent Owners Report
4. Cash Disbursement Report
5. Owner Activity Report
6. Bank Reconciliations
7. General Ledger (if requested)
The monthly closeout is performed by a licensed external accounting firm separate from Stmbug Ixx and our auditor. The fees for this service are paid for by Stmbug Ixx.
E. At the request of the BOD, the Management Company provides necessary documentation to the BOD for review and preparation of the SLohA annual budget.
F. Management Company provides periodic Reserve Fund analysis.
G. Management Company maintains an up to date owner roster.
H. Management Company ensures that State and local permits and contracts are current.
