By-Laws

Potawatomi Property Owners Association
Board of Directors
Accounting and Revenue Handling Policy
Potawatomi Property Owners Association Accounting and Revenue Handling Policy

Adopted:__2/20/2021

1. Declaration of Restrictive Covenants and By-Laws of PPOA

a. Duties and Responsibilities of the Board of the Directors (a) The Board shall act in accordance with and support the Covenants, act in the best interests of the association, maintain the common property, establish rental policies for use of the common property, maintain the financial solvency of the association and maintain the financial and other records of the association.
b. Treasurer. The Treasurer shall have the responsibility for the Association’s funds
and shall be responsible for keeping full and accurate accounts of the receipts and disbursements and financial records and files of account belonging to the Association. He shall be responsible for the deposit of all moneys and all valuable effects in the name, and to the credit, of the Association in such depositories as may from time to time be designated by the Board of Directors. The Treasurer shall also be responsible for the billing and collection of all common charges and assessments made by the Association.

2. Process

a. Association will operate on a cash basis for accounting purposes. However, reports will be produced in accrual basis as needed for required filings.
b. Association will use Chippewa Valley Bank for routine banking functions. The
Association will maintain an operating account (e.g.: checking) and a reserve account (e.g.: savings). Association will utilize online banking services to interface with bookkeeping system.
c. Association will have at least 3 Board members as signatories on all bank accounts. Fund disbursements from these accounts require two signatures. Fund transfers between these accounts requires three signatures.
d. Association will use Intuit QuickBooks Online software for accounting, bookkeeping, bank reconciliation and cash handling processes.
e. Association will accept only personal checks, business checks or money orders for payment. Association will not accept credit cards, bills, coins, etc. for payment.
f. Treasurer will deposit funds at least once per week or when revenue on hand exceeds $1000.00. Deposits require verification by personal initials of two Association members.
g. Treasurer will maintain a detailed list of rental income for sales tax purposes.
h. Treasurer will post or verify all expenses and income to QuickBooks within 30 days of activity.
i. Treasurer will produce the following reports as part of the Treasurer’s Report at
regular Board meetings:
i. Operating Statement (last full MTD; YTD; comparison to prior year)
ii. Balance Sheet (cash on hand)
iii. Any reasonable report as requested through action by the Board
j. The Board of Directors shall prepare a roster of the properties and assessments at least thirty (30) days in advance of such assessment due date.
k. All rentals will be invoiced. All rental cleaning deposits will be invoiced.
l. Rental fees shall be applied to the property owner’s record. Rental fees for guests of property owners shall be applied to the property owner’s account. Details of the rental (name, dates, rental, guest, etc.) shall be added to the rental invoice.
m. Rental cleaning deposits shall be accepted as separate payments whenever
possible. Rental cleaning deposit refunds will be applied to the appropriate income account.

3. Policy Review

a. The Board shall review this policy annually.

Duties and Responsibilities of the Board of the Directors: The Board shall act in accordance with and support the Covenants, act in the best interests of the association, maintain the common property, establish rental policies for use of the common property, maintain the financial solvency of the association and maintain the financial and other records of the association.