The board has been looking for ways to be more efficient and to find ways to help ease recruitment of future board members.
As each board member is a volunteer, and having board members like Dick that stayed on the board for a really long streak of several years is very rare, we felt it was important to take some steps to make the requirements of the treasurer position more in-line with the other positions. We found that the day to day requirements for the treasurer position are too demanding for a volunteer to take on, and we also realize just how blessed we have been to have Dick take on the effort for so long.
For those that have served on the board in the past, I think it is fair to say that almost every person ended up putting in significantly more hours than they expected. The work load, as well as the high expectations of some of the owners, has caused more than a few people to resign in the middle of their terms or only serve one term on the board.
Our treasurer will still handle many of the standard tasks, such as:
- Documenting receipt of Annual Dues
- Making bank deposits
- Writing checks
- Handling Letters of Agency
The new bookkeeper will not be directly handling any of the BDOA accounts. We felt it was important to separate out some of the treasurer duties, but the fiduciary responsibilities should not be removed from the role. The bookkeeper will handle the following:
- Income Statements
- Balance Sheets
- Budgets and projections (planned vs actual income and expenses)
- Tracking of Annual Dues payments and sending late notices out
- Notifying Board when liens need to be filed
- Maintaining lien reports
- Handing transfers when properties are sold
- Periodic Reports
- Annual IRS for 1120-H
We recognize that this is a new expense for this coming year, but we felt it was in the best interest of the Bar D Owners Association. The new bookkeeper will also be another layer of financial control when it comes to management of the accounts and helping with future planning.
We will discuss this decision during the annual meeting, and we invite feedback.