Port of Old Mission Condominium III 
Red Fox Run Association

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Association Controller

The Controller position is created by the Board of Directors to perform the accounting functions previously performed by the Treasurer. The Controller is appointed by the Board of Directors but is not a Board member.

On a monthly basis, the Property Manager provides to the Controller and the Treasurer the following data from the previous month:

• Check register with all banking activities (withdrawals and deposits).

• Invoices coinciding with all checks written during the period.

Bank statements for checking and money market account and the accompanying reconciliation reports.

Data from the Quick Books software program that the Property Manager uses to record all POM III financial activity.

The Controller and the Property Manager maintain the Association's files of the above data.

The Controller performs the following tasks with the information furnished by the Property Manager:

• Crosschecks all entries on the bank statements against the check register and the invoices to verify all deposits and withdrawals are accurate and accounted for.

• Verifies accuracy of bank statement reconciliation.

Makes the necessary entries to the books of account to enable the preparation of the data/reports for the prior month that are required by the Treasurer to present to the Board.

Once the Controller has completed the above tasks and is satisfied there are no errors in the financial records, the Controller prepares and provides the following to the Treasurer by the 10th of the current month for the Treasurer's approval:

  • POM III HOA Financial Report for the fiscal year updated through prior month. –
  • Supporting schedules for the POM III HOA Financial Report to include but not limited to:

Current Year "Condo Fee Payment Schedule" updated through prior month.

"Cash Flow Report"

"YTD Expense by Category".

• Status of Checking and Reserve Accounts for fiscal year updated through prior month.

After approval of the above documents by the Treasurer, the Controller makes copies of the POM III HOA Financial Report for distribution and discussion by the Treasurer with the Board of Directors at the monthly Board meeting.

On an annual basis, the Controller as part of the Budget Committee establishes an annual budget for presentation to the Board by the Treasurer. The Controller also assists the Treasurer in preparing financial reports to be presented at the annual membership meeting.

The Controller acts for the Treasurer as check signer and presenter of financial data when the Treasurer is not able to do so.


September 2009

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