Port of Old Mission Condominium III 
Red Fox Run Association

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Signature Authority, Spending and Purchasing Policy

POM III Policy Letter F-2

June 1, 2008

The Association will implement a policy that establishes authority for obligating funds.
Check signature authority, savings deposits/withdraws and bill payment.

1. Check signature authority is delegated to the President, Treasurer and Property

2. Checks written under $500.00 require one signature. Checks written over $500.00
require two signatures.

3. Withdrawals from savings account(s) require two signatures.

4. Deposits are made no less than twice a month by the Property Manager.

5. Bills received by the tenth of the month are entered and processed by the Property
Manager for the Treasurer's review and signature at mid-month.

6. Any bills received after the mid-month review are processed by the Property
Manager and given to the Treasurer at the monthly Board meeting for signature.

7. Transfer of reserve funds are normally completed at the end of the month or the
first transaction of the following month.

Individuals authorized to purchase or obligate association funds are limited to the

1. Property Manager
2. President
3. Treasurer
4. Chair, Building Committee
5. Chair, Grounds Committee
6. Other Owners, when specifically authorized by one of the above office holders.

Committee Chairs will not make, or authorize, expenditures that exceed dollar allocation amounts within their current fiscal year budget, without prior authorization of the Board of Directors. If an unexpected expenditure occurs and is within the budget allocation, but spending that money will/could cause future budgeted items to exceed the budget, the Chair will immediately advise the Board of Directors.

All expenditures which will exceed $750.00 require approval by the Board of Directors with regard to optional use of a bid solicitation process. If a bid process is used, bids will be opened in concert with two Board members, one of whom will be the Chair, if the purchase is specific to one of the standing committees.

Specific to Buildings or Grounds budget allocations, the Property Manager will discuss expenditures which exceed $250.00 with the respective Chairs prior to awarding work. Committee Chairs, when initiating a purchase, will coordinate those planned actions with the Property Manager prior to initiating the purchase(s). In the event that an emergency occurs which requires an expenditure of more than $1,000 which is not included in the general budget, the authorized individual approving the expenditure will notify the Property Manager, President, Treasurer, and relevant Committee Chair, as appropriate, as soon as possible by telephone or e-mail. All the facts will be reported to the full Board at the next Board meeting.

When a bid process is to be implemented, a written "bid package" will be prepared and exact copies provided to each prospective Bidder (see attachment I). The bid package will include, but not be limited to:

1. Name, address, phone contact number of the individual requesting the Bid

2. A heading indicating: REQUEST FOR PROPOSAL FOR___________"

3. A narrative which describes in detail the requested service. If products are to be
limited to certain manufacturers, processes, etc., this information will be clearly

4. The calendar time frame within which me work is to be provided will be
expressed clearly. If there are "black-out" dates or times, they, too, will be stated.

5. Provide any other instructional data that may assist the bidder to understand
association goals and to help him/her prepare the most appropriate proposal

6. During the bid period, avoid verbal discussions. It is better to receive and reply to
questions in writing. If verbal discussions do occur, a "memorandum to file"
should be prepared and given to the other party expressing the author's opinion of
any agreements reached, or confirming any pertinent data shared in the

7. A disclaimer that the association is not responsible for Bidder's misunderstanding
of information contained within the Request for Proposal. Bidder is expected to
make written inquires if something is not clear to him/her.

8. The due date, due time, place of submittal for the bid proposals.

9. A note of thanks to Bidder for taking me time and effort to help the association
meet its community expectations.


Attachment 1:  EXAMPLE

Request for Proposal for new building roof

Port of Old Mission, Phase III
1234 Fifth Street Traverse
City, Michigan 49686 941-3578

June 22, 2008

Dear Sir or Madam:

My name is Jill Little, Property Manager of Port of Old Mission Condominiums, Phase III. I
have been authorized to seek bid proposals for the following work at POM III.

The Work: 

POM III seeks to remove and replace a shingle roof on a five car garage located at 6345 Red Fox Run, Traverse City, Michigan 49696.

The subject roof is approximately eight years old and has been diagnosed as having considerable areas of blistering. We seek to remove the existing shingles and felts, inspect plywood sheathing for damage, and replace any unusable plywood sheathing, install new 15 pound felts, and install new "45 year" shingles.

Shingles will be approved from the following manufacturers: AMTC #5376, seal tab, color: Midnight Blue; Monsanto #588, seal tab, color: brown.

Weather depending, work will be initiated and completed within the calendar
dates of June 27, 2006 and July 8, 2006. Work will be performed within the
hours of 09:00 and 18:00.


Proposals are due by mail or hand delivery to:

Jill Little, Property Manager
1234 Fifth Street
Traverse City, Michigan 49686

No later than 18:00 (6:00 PM) June 28, 2006. Proposals received after that time will not be considered. If you have questions about this request for work, please commit them in writing and send to the above address. POM III will not be responsible for any misunderstandings that Bidder may have.

Port of Old Mission Phase III would like to express its appreciation for your review, questions, and
response to its request for services.

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