123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Home-and-Garden >> View Article

Internal Accounting Procedures And Separation Of Duties

By Author: Kevin McNulty
Total Articles: 2

We wanted to take this opportunity to insure you that at Condominium Associates there are many procedures and separation of duties to safeguard against embezzling of funds from occurring. We have 17 years of association management experience with 3 CPA’s on staff. We have three offices located in Hillsborough, Pinellas and Pasco supporting four counties; Hillsborough, Pinellas, Pasco and Manatee. We manage over 150 associations with over 18,000 owners and have 32 License Association Managers on staff.

Procedures are in place to insure a separation of duties, from the lock box for accepting maintenance fee deposits, approving the invoices, cutting the check, signing the check, reconciling the bank statements and producing the financial statements. The determination of who has security access and authority is assigned to the individual by Nelli Kieffer our Chief Financial Officer (CFO). 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 signs the checks.
The Accountants reconcile the bank accounts and produces the Financial Statements

The accounting system used here is called Yardi a highly regarded 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 be extended to other board members.

In addition to the strict process and procedures, we also carry $1,000,000 in errors and omissions and fidelity bond coverage.

We encourage the Board Treasurer of an Association to come in and meet with their assigned Accountant to review the financial statements, a great education process for the Treasurer.

If you would like to tour Condominium Associates and see the operation yourself, we encourage you to do that and I’ll be happy to set up a time.

Total Views: 97Word Count: 358See All articles From Author

Home and Garden Articles

1. Are You Looking For Reliable Quartz Suppliers In Texas?
Author: JamesLuke

2. Chimneys That Save Lives. Go For The Best Chimneys In India.
Author: Brijesh Kumar

3. Here’s Some Gardening Advice On Planting Sweet Potato This Spring
Author: Paul Gooderham

4. 5 Reasons That Will Explain The Importance Of Roof Cleaning
Author: Mike Aurtho

5. Breathe Right And Breathe Fresh Air With Us!
Author: Robert Smith

6. How Misting Fans Can Help You To Beat The Summer Heat
Author: Jessie Cooper

7. Dallas Locksmith Services - How Do You Identify Damaged Locks?
Author: Israel Barda

8. Undoubted Benefits Of Hiring A Luxury Portable Toilet Service
Author: Alaric Atkinson

9. Benefits Of Using The Event Toilets
Author: Alaric Atkinson

10. How To Maximise Commercial Returns From Home Renovating
Author: Reliable Home Contractors

11. Metro West Apartments For Rent Have Never Been So Easy To Find
Author: Sue Thornton

12. Apartments For Rent Around Worcester
Author: John Robert

13. Stay Clear, If You Want The Rains And Debris To Not Damage Your Property
Author: Ashton Coaldrake

14. Keep Your Motorcycle Safe And Secure Under A Proper Shed
Author: Michael Gilmore

15. What To Keep In Mind While Buying Table Online
Author: Iti Sharma

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: