Mount
Kemble Lake Association, Inc.
Treasurer
Job
Description
Article XII, Section 5. Treasurer - The Treasurer shall perform the
duties prescribed by Article VII (Collection of Dues and Assessments) and make
financial reports as directed by the Board.
Essential
Duties:
Dues and
Assessments:
Collection
and recording of dues is done twice yearly.
Notice is given to each household 30 days before due date. Due dates are
April 1, and October 1. A few people elect to pay yearly. After a 30-day grace period (May 1 and
November 1) notices are sent to those that are delinquent, including 18% in
late fees due back to the 1st of the month. The late fees are recorded in the checkbook as “Other Interest.”
(Forms for the Notice and Late Notices are in file.)
Provide a
letter of proof of payment of dues to realtors or attorneys for the closing
on homes. (Copies of letters in
file)
Taxes: Taxes are due to the Internal
Revenue Service on May 15. David Dietz
(Lake Trail East, 973-425-0616) has prepared the taxes pro bono in recent
years; contact him in April to see if he will be able to prepare them. In the
past, David Ischinger (
Insurance:
·
Request
each board member to secure proof of workers compensation from each vendor with
·
The
Certificates of Insurance for the Workers Compensation policy is done annually
for those who perform services on an on-going basis, such as snow plowing,
·
For
a one-time worker, a new Certificate of Insurance is requested if the old one
doesn’t cover the current date of service.
·
Type
of service performed must be recorded on the Certificate of Insurance.
·
Also
keep a similar record of type of service, date and payment for any worker who
does not have their own Workers Compensation.
·
Certificates
are held in a file for insurance audit.
For this audit, list payment made to each vendor, which should include
the date of service and the amount paid.
·
Insurance
policies are:
o
General
Liability/Commercial Lines Policy, for Association, Country Club and Lakeshore
o
Umbrella/
Excess Liability, for Association, Country Club and Lakeshore
o
Fire/Commercial
Property, for Association
o
Liquor
Liability, for Association and Country Club
o
Workers
Compensation, for Association, Lakeshore and Country Club
o
Directors
& Officers Liability, for Association, Lakeshore and Country Club.
Information on policies is held by the Association
President.
Clubhouse
Rentals:
·
Provide
rental papers and application forms to members requesting a rental. Contact the
person in charge of the Country Club calendar to make sure the date is
available. Rental papers are in file. Receive checks and proof of insurance.
·
When
all the required paperwork and checks have been submitted to the Treasurer by
the potential renter, the Treasurer notifies the Board and requests the Board
vote on the application.
·
Treasurer
then notifies the renter.
Check
Writing and Record Keeping:
·
Write
and record all checks. Checks are
recorded in Quick Books and in the checkbook.
Also include the check number and date paid on the receipt and file it
in the appropriate folder. (i.e. Administration,
Beaches & Docks, Grounds, etc.) The
Treasurer maintains receipts of the paid bills.
·
The
By-Laws require that all Association checks be signed by two officers.
Currently, the President, Secretary and Treasurer are designated to sign checks
for the Association’s checking account.
·
Signatory
form for bank. Each year one of more of the three officers who are authorized
to sign checks may be up for election. If all three officers remain the same,
no new form needs to be filled out and submitted. If one or more of the officers change, the Treasurer obtains necessary bank form,
signs it as Treasurer and has the other two officers sign it as well and
returns it to the bank. It’s a single document.
·
Balance
monthly with the bank.
·
The
Association has a checking account and a savings account. Both are held at
Wachovia: the Basking Ridge Branch,
·
Year-End
Closing: The Association’s calendar year ends on the last day of February. It
is important that all checks be dated no later than the last day of February.
The Treasurer needs to remind committee chairs to complete their project
spending for the year so that the bills are paid within that fiscal year. In
mid- to late-February, get all outstanding bills from vendors, by calling if
necessary.
Reports:
·
Supply
each board member with a monthly report of expenditures.
·
Provide
the President with a P&L and expenditures from
Administration monthly, as well as the other committee chairs along with their
individual expenditures. If you use Quick Books or a similar program, keeping
track of expenditures for each committee is relatively easy.
·
In
the late Fall and additionally as requested by the Board or any Board member,
prepare and distribute to the Board reports of multi-year expenditure trends.
Such reports may track all Association expenses or may report on trends in
specific areas depending on the needs of requester.
·
Balance
sheet and reserve account status are given to the board as needed.
Budget: Budgets are prepared for the
following year beginning in December, reviewed in January and February, and
presented at the annual meeting in March. Compile and prepare the reports
(primarily in Excel files) to be presented at the Annual Meeting. (Copies of
presentations in file)
Miscellaneous:
Supplies include a
copy machine, return address stamp, stamp with account
number for checks, Quick Books 2001 software.
Paper, stamps, ink, etc. are purchased by the Treasurer and reimbursed
by the Association.