- COMMUNITY SPECIFIC PLANNING
- EFFECTIVE OPERATIONAL GOVERNANCE
- MEANINGFUL COMMUNICATION
- VIABLE ALLOCATION OF RESPONSIBILITIES
- STAFFING and LIAISON WITH THE MANAGING AGENT
SOUND FINANCIAL OVERSIGHT
Responsible fiscal oversight is the primary fiduciary responsibility of every Board. It begins with a well-worked budget, which incorporates the recommendations of a professional replacement reserve analysis. Once the budget is established, the Board should vigilantly review regular financial reports and evaluate the investment strategy.
BUDGETARY AND RECORD KEEPING
Pursuant to the Association’s By‑laws, and in concert with the Board’s written policy, directives, and annual budget, ProCAM of Maryland will:
Record and account for all Association fees, including regular maintenance, specific reimbursement and special assessment fees due from owner/members.
Provide regular invoicing of assessments, either mailed to each owner approximately two weeks prior to the commencement of payment due date, or annually in booklet format for lockbox processing purposes.
Provide automatic “direct debit” and/or lockbox fee collection service, to assure speedy and convenient fee collection services.
Make all disbursements on behalf of the Association, as directed or approved.
Maintain all financial records in accordance with standard accounting methods.
Report quarterly on the financial status of the Association, using either a standard cash-based (“non-accrual”) or modified accrual accounting system.
Send out delinquency notices and provide account data on delinquent accounts to the Board’s attorney or third party collection service.
Notify owners of reimbursements needed for repairs necessitated by their actions or the actions of their tenants, guests or invitees.
Coordinate with the Association’s accountant and provide customary financial records sufficient to perform an annual audit and prepare all required tax returns.
Provide Treasurer or other Board designees with Reserve Account information to help the Board with prudent placement of funds at maximum yields, while providing access to funds needed for Board approved projects.
Assist in identifying and engaging a third-party Investment Advisor to help the Board develop an appropriate investment plan for the Association’s capital and operating reserves, based on the projected financial needs of the community. ProCAM of Maryland will coordinate with the Investment Advisor to insure that funds are invested and transferred as directed by the Board.
Establish and monitor outsourced payroll services for on-site personnel, including direct deposit services, the filing of all required employer payroll tax and unemployment forms, issuance of year-end summary reports, preparation of W-2, 1099, or other required reporting forms, and the filing of FICA, Federal, state and local withholding deposits.
Prepare all 1099 forms for casual labor and vendors, at no additional costs to the Association, as required by law.
Facilitate employment of third-party Reserve Analyst to help the Board professionally track the condition and the remaining useful life of all physical plant components.
Assist Board in integrating and implementing Reserve Analyst’s recommendations into budget and fiscal policy decisions.