PLPOA Treasurer SOP

Table of Contents

Introduction:

Quickbooks: Registration Ordering checks

Treasurer Operations: Transfer to a new Treasurer Monthly reports preparation Insurance Amortization Procedure Quarterly Dues Prep Reconcile checking account (monthly) Pay a bill Transferring a lot to a new owner

Budget: Development Overall methodology Subcommittee budget development guidance Implementation & monthly management

Assessments & Fines: Class A & Class C yearly assessments Late Fees

How to: Get approval to spend PLPOA funds Obtain reimbursement for PLPOA-related expenditures 1) Introduction.

a) Purpose. The purpose of this SOP is to give all the information necessary to perform the job of Treasurer for Princeton Lakes POA. It should list recurring activities and tell how to perform that activity. When something is discovered to be missing from this document it should be added.

2) Quickbooks.

a) Purpose. Registering quickbooks. b) Intent. This is necessary any time quickbooks is installed on a different computer c) Installing Quickbooks. (Don’t post to Web) i) Installation key code (X ) ii) registration (X ) listed under phone number (X ). You can reregister online with this information. d) Quickbooks Login info. Username = X Password = X e) Ordering checks 3) Treasurer Operations.

a) Purpose. To identify all major tasks and operations performed by the Treasurer. b) Intent. Provide step-by-step instructions to accomplish recurring tasks (weekly, monthly, quarterly, yearly). c) Transfer to a new treasurer i) Change [email protected] to forward to your email ii) Get your signature onto the check card (along with other board members) iii) Get the key to the post office box. iv) Get the Treasurer records box. v) Install quickbooks on your PC. vi) Get electronic files from previous Treasurer. d) Preparing monthly statement i) Go to QuickBooks/Company/Memorized Reports/Profit & Loss ii) Ensure date range is correct & print iii) Open “PL Treasure – Operations.xls” workbook; find last monthly YTD worksheet; create copy next to it; change name to the next month. iv) Use QuickBooks report to update the appropriate columns in excel worksheet. e) Insurance amortized payments i) Make payment at the end of every month ii) From menu, select banking, click “make journal entry”. iii) enter date; select 1300/1310 for account (prepaid liability insurance); No debit; credit for the monthly amount (see amortization schedule for exact amount per month); enter “Prepaid liability for xxx”; “Gen Exp”. Next line: select 5310/5320 for account (liability insurance); debit for same amount entered above; no credit; enter “Prepaid liability for xxx”; “Gen Exp”. Save f) Quarterly Dues Prep i) Goal: have invoices emailed/in mail weekend PRIOR to 1st month of next quarter ii) Before beginning, cross-check all addresses. (1) Obtain latest address book from Secretary. (2) Print it out. As you create new invoices, check the address/email address to ensure Quick Books is up to date. If you maintain your own Excel address book for Treasurer Operations, update that workbook as well. Just do it!! iii) You must create a new entries in the “item list” before you can create invoices. If anything less than 100% dues applies to anyone, you must make additional item lists for them as well (ex – “50% for Class C builder/owner”). Click on List/item list from top menu. Enter new item for upcoming dues invoices. In the “new” field, select “non-inventory part” for Type. Check box for “sub item”, then select “Quarterly Dues”. Enter format for “item name/number” (ex. 2Q 2002 Dues). Enter description (“PLPOA dues for 2nd Quarter (APR – JUN)”). Enter fee; select account 4100 – fees/4120 – quarterly fees. iv) Verify the form template. Click on the drop down arrow next to “form template”, select “customize”. Review the footer; edit as desired. Rest of form should be good to go. v) Create invoices. Go to “customers”, then “invoices”. Start with drop down for “customer:job”, select first victim; select class as applies; check address listed (correct if needed); enter appropriate due date; select appropriate “item” or “items”; select customer msg (“Pls write your lake & lot # on all payments!”); check either to be printed or sent (emailed) as appropriate. If you select “sent” for email, click on drop down arrow at the top next to “send” icon & select “email”. From here, you can edit the msg template and edit/verify the person’s email address. Send when done. vi) Click “save & new”. Repeat until done! IF you use the Operations worksheet, enter the appropriate “y” entry to track each invoice as you complete them. vii) When all invoices are created, select “print batch” from drop down arrow next to the printer icon. g) Late fees i) A $15 late fee shall be charged if payment has not been received within 10 days of due date. Interest can also be charged h) Transferring property to a new owner i) When each lot is sold by LSF, the POA charges the new owner a fee of 6x the monthly dues (currently $300,) which is due at closing. If the first sale of a lot is to a builder, the initial fee is deferred to the next buyer. ii) All sales after the first will be charge a fee of 3x monthly dues (currently $150). $75 shall be paid by the seller prior to closing for a resale certificate. $75 shall be paid at closing by the buyer as a transfer fee. iii) Check with other board members on current standing of lot. 4) PLPOA Budget.

a) Purpose. The Treasurer is responsible for preparing the PLPOA yearly budget. b) Intent. This section will describe the process to be used in order to bring together a budget for the next year. c) Procedure Details.

5) Approval/Reimbursement process for spending PLPOA funds.

a) Purpose. This procedure details steps necessary to obtain approval and reimbursement from the Treasurer of the PLPOA. b) Intent. The intent of this process is to detail the necessary steps for obtaining reimbursement for money spent on items or services that are purchased for the PLPOA. Expenses will not be reimbursed unless the proper authorization for the expenditures was obtained and all necessary supporting documentation is provided as described in the procedure. c) Obtain pre-approval from the board member or committee head whose budget will be charged for the expense. i) If it hasn’t been budgeted, it should be approved by a majority of the board. ii) Pre-approval should include an estimated cost. iii) Pre-approval may be verbal if written or email is included at time of reimbursement. d) Fill out Expense Reimbursement Form that is attached to this document. i) Note: Responsible person column notes who will maintain the item for the PLPOA. In other words, who will keep track of the item so that it can be located in the future. e) Tape all receipts to 8.5 by 11 sheet of paper. f) Attach Approval Form and Receipts to Expense Reimbursement Form g) Mail Packet to: Princeton Lakes POA, Inc. PO Box 1116 Princeton, TX 75407 (Or directly to current treasurer for faster processing) h) PLPOA Treasurer will receive the form and insure everything is done properly. If everything is properly filled out a check will be written and sent to the appropriate address as filled out on the Expense Reimbursement Form. i) If all necessary information is not present Treasurer will return form with the reason the expense was not reimbursed. Once the issue is corrected return the form to the address in step e. to receive reimbursement.