Financial & Administrative Services

Review of all internal controls on a periodic and regular basis.

 

Provide Association’s Board of Directors with in-house insurance support services, as well as providing the Board of Directors with options to consider.

 

Upon Board of Directors’ request, we can coordinate a risk management assessment as well as providing assistance with property valuations for insurance purposes.

 

We work closely with the CPA Firm of the Association in the preparation of the tax returns and annual audits and/or reviews.

 

Our general policy is to, whenever possible, solicit at least three bids, usually based on a set of specifications for all major service contracts. In most instances, the specifications will be developed by a consultant or the Manager and then reviewed by the members of the board for final approval before being submitted to vendors for bidding.

 

No progress or final payment is made on a contract until the work is inspected. All items on a punch list are required to be inspected by the Board’s appointed representative in advance to final payment. BOD may approve the completion of individual phases or of the project in whole as reflected within the agreement between Vendor and the Association.

 

Payments to vendors will not be made without vendor and/or contractors providing proof of proper insurance coverage's, licenses, and a W-9. All should be provided prior to commencement of work.

 

IHRM, Inc can hire, train, and develop employees who may work on a part time or full time bases for the Association. This may include but is not limited to a Property Manager, maintenance personnel, landscape personnel and pool-care personnel. All such employees will be placed on payroll of IHRM, Inc. in accordance to fair labor practice, state and federal laws and abiding by requirements of other government agencies such as OSHA. Each employee will be covered under workman’s comp and be offered participatory health care options.

 

Financial Services will provide the Board of Directors with investment options for excess Reserve Funds not yet identified with a commencement date.