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Extracted directly from Documents and Governing Policies files
Article 15
NOW, THEREFORE, BE IT RESOLVED That in the interest of promoting development of the subdivision and thereby promoting protection of property values, the Association adopts the following policy regarding financial policies and procedures that protect the financial and physical assets of the Westwood Shores Property Owners’ Association:
I. Financial Assets
A. Internal Controls
1. Banking system requires a minimum of two (2) signatures on all checks and all Board of Trustees and Administrative staff approved by the Board of Trustees shall be signatories.
2. Bank and computer passwords are changed periodically, a minimum of every six months and as necessary after staff turnover.
3. Staff are cross-trained, so more than one staff member has the ability to monitor activity.
4. Authorized expenditure levels established as follows: Community Managers - $5,000.00 within approved annual budget by line item.
5. When feasible, competitive bids are obtained for expenditures in excess of $5,000.00, except in the case of an emergency situation.
6. Detailed and timely accounting records maintained separate from G/L entries.
7. Cash received must be kept in a locked safe until deposits are made to the approved banking institution. Deposit must be made when the balance of cash in the office is over $250.00.
8. Cash deposits will be delivered to the bank by Office Staff or approved Access Control Staff.
9. Receipts will be given for all cash transactions in the POA office and receipt books monitored by Community Managers and Assistant Community Manager.
B. Investment strategies to protect the funds of the Association, ensure that liquidity of funds considering are available to meet cash flow requirements and provide for prudent investments of funds considering the probable safety of capital and probable income to be derived.
1. Depository banks- comparative depository bank services and costs will be evaluated every two (2) years to ensure the best service/cost for the Association.
2. Depository banks’ FDIC limits and/or pledged securities should be recorded to ensure that all assets are protected.
3. Investment of cash balances in excess of $300,000.00 may be invested in the following:
a. Certificates of deposits issued by State and National Banks that have main and branch offices in Texas that collateralize in accordance with Texas State Law (Public Funds Investment Act).
b. Direct obligations of the United States: U.S. Treasury Bills, U.S. Treasury Notes and U.S. Treasury Bonds.
II. Independent Audit
A. An independent audit shall be made each year. Competitive bids for the audit firm should be obtained at least once every three (3) years.
III. Physical Assets
A. Appropriate inventories of equipment and holdings shall be maintained in all Department Locations.
B. Locks on all doors shall be changed as necessary after staff turnover.
C. Security cameras and alarm systems shall be in place in specified areas and default passwords will be changed immediately. Systems will be tested periodically, and a log kept of each test date and findings.
EXCERPT: WESTWOOD SHORES PROPERTY OWNERS’ ASSOCIATION COMPLETE POA POLICY MANUAL
SIXTH EDITION
[Adopted 11/25/2024]
[ Modified: Thursday, 15 May 2025, 1:58 PM ]