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Condominium Associates takes your financial safety seriously. Our goal is to give you peace of mind. You can feel secure knowing that you are in good hands and that we have multiple procedures and separation of duties that will safeguard your organization against any attempts at embezzlement of funds. First, a little about us. With over 17 years of association management experience and 3 CPA’s on staff, we cover the majority of Tampa Bay via our three offices located in Hillsborough, Pinellas and Pasco. These offices support four counties – Hillsborough, Pinellas, Pasco and Manatee. We manage over 150 associations with over 18,000 owners and have 32 Licensed Association Managers on staff. Safeguarding your finances means that we have procedures in place to insure a separation of duties… from the lock box process for accepting maintenance fee deposits; approving the invoices; cutting the check; signing the check; and reconciling the bank statements; to producing the financial statements. Nelli Keiffer, our Chief Financial Officer (CF) determines who in your organization will have security access and authority, Note that the person who reconciles the bank statements does not have access to produce a check. Below is a brief overview of who does what: - The bank’s lock box process accepts the maintenance fees deposits and provides a file with this information to us on a daily basis.
- The Manager approves the invoices in conjunction with the board
- Accounts Payable cuts the checks
- Craig Caldwell, President or Nelli Kieffer, CFO review each of the checks and back up information and sign the checks
- The Accountants reconcile the bank accounts and produces the Financial Statements.
We use the accounting system Yardi, a highly regarded financial management software system. Recently we implemented the Yardi PayScan process that allows the board treasurer to access the system to review/approve the invoices. The access can also be extended to other board members if desired. In addition to the strict process and procedures in place, we also carry $1,000,000 in errors and omissions and fidelity bond coverage. We encourage Association Board Treasurers to come in and meet with their assigned Accountant to review the association’s financial statements. These meetings have proven to be a great education process for the Association Treasurers. We would be happy to set up a time for you to tour Condominium Associates and see our operation and learn the benefits we can offer your organization. Read Original Article: http://www.condominiumassociates.com/safeguard-your-funds/
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