I. PROCEDURE
1. Monthly: Actual performance is tracked against budget. This is accomplished through the preparation of:
• Monthly Statement of Operations
• Monthly Summary of Operations
• Detailed Budget/Actual Departmental Statement of Operations
• Review of detailed General Ledger Accounts by Finance and Department Managers
• Monthly Performance Measurement Reporting tool.
2. Finance Committee meets monthly to review and ask questions regarding the monthly financial statements.
3. Community Information: The CFO supplies a copy of the Monthly Summary of Operations along with the Statement of Operations and the Monthly Performance Measurements for posting of the Web Site.
4. Each Department Manager receives a copy of their Income/Expense Statement along with the detailed general ledger. This information is used to review the financial performance of the department for the month. The information provides a guideline on how to proceed in upcoming months.
5. Senior Management meets on a weekly basis to discuss a variety of issues that at times focuses on financial performance and steps that may need to be taken to make corrective changes in order to stay within the operations budget, reallocate capital dollars and monitor staffing. To facilitate this monthly performance measurements have been developed which track key indicators.
II. RESPONSIBILITIES
The Board, General Manager, CFO and Finance Committee
III. SCOPE
IV. DEFINITIONS
V. RELATED POLICIES OR DOCUMENTS
I. PROCEDURE
The Board requires that an authorized Officer of the Board review documentation for and co-
sign every check prepared for payment by the Association in the amount of $20,000 or more
that involves non-recurring expenditures.
Also, any payment to, or in behalf of, the General Manager, shall require Board Officer Signature
when in excess of $500.
All POA checks are required to have two signatures, and no employee shall sign a check made
in that employee’s behalf.
II. RESPONSIBILITIES
Board and General Manager
• The Director of Finance will be responsible for updating the check signing authorization
yearly
• The President, Vice President, Treasurer and Secretary of the Board will be authorized to
sign checks
III. SCOPE
IV. DEFINITIONS
The Officers (President, Treasurer and Secretary of the Board) are authorized to sign checks
The Director of Finance will be responsible for updating the check signing authorization yearly
V. RELATED POLICIES OR DOCUMENTS
