Administration Department
Administration is responsible for the management and operations of the Association. The Administration Department provides for the General Management of all eleven (11) Association Departments.
Customer Service
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- Daily interaction with members regarding account status and billing inquiries.
- Administration of Boat Slip Lease Agreements and collection of associated fees.
- Issuance of ID stickers for boats and watercraft stored on the lake or shoreline racks.
- Welcoming new members and informing them of their rights and privileges of Association membership.
- Working with members and title companies to help facilitate members who are selling their property.
Lakewood Property Owners Association Office
8:30 AM – 5:00 PM
Financial Management
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- Routine accounting functions including payroll processing and monthly statements.
- Payment processing for dues, food and beverage expenditures, ID card expenses, and pool guest passes.
- Management of accounts payable for the Association and its parcels.
- Execution and management of the Operating Budget and Lakewood Improvements Program Budget.
- Collaboration with CPA firm(s) for monthly financial statements and annual audit preparation.
- Assistance to auditors for annual audit and tax return preparation.
- Support for insurance, workers’ compensation, and state sales tax audits.
Contract Management
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- Oversight of contracts related to parcel management, vendor services, and facilities.
Association Management
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- General management of all eleven Association departments.
- Coordination with various committees, including Activities and Food and Beverage.
- Scheduling and cost accounting for Lakewood Oaks Clubhouse usage.
- Coordination of fee-based banquet events.
- Overseeing all investments whether it be financial markets and working with our Investment Advisor or our Lakewood Holding Company Investment.
Staff, Employees, Contractors
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- Management of employees: 20 full time, 24 part time, and 40+ seasonal
- Management includes payroll, benefits, and human resource functions.
- Coordination with contractors for services such as mowing and pool maintenance.
Committees and Events
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- Support of our Committees that have budgets like Activities and Food and Beverage as well as many other committee and club meeting requirements.
- Provides scheduling and cost accounting for the many no fee uses of the Lakewood Oaks Clubhouse.
- Provides sales and internal coordination of fee based banquet events.
Parcel Management
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- Monthly financial processing and bill payment for 20 parcels within the Association.
- Contract management for parcel vendors.
Insurance Management
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- Collaboration with insurance brokers for renewals, claims, and policy management.
- Oversight of property, general liability, workers’ compensation, and other insurance coverages.
- Coordination of insurance bids and committee meetings for policy evaluation.
- Handling insurance claims and adjustments for multifamily parcels and individual homeowners.
ACH Payments and Online Payments
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- Facilitation of ACH payments for residents, including setup and processing.
- Online payment options for dues, parcel fees, food and beverage expenses, and other charges.
Notary Public Services
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- Scheduling notary public signings by appointment.
- Provision of notary services for LPOA residents.
The Annual Auditing Process
Prepared by the Independent Auditor:
The Accounting Manager works very closely with our Independent Auditor and CPA’s throughout the year to prepare for Annual Audits.
This long process begins after year-end (approximately February). We always file a tax extension past the corporate deadline. LPOA and LHC both work independently with the auditor.
The Audit Selections Tax Form we receive each year may request all or some of the following, to be provided to the auditor:
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- Trial balances for the year
- Detailed General Ledger reports
- All the leases and amendments to leases
- Select samples of expenses (usually over certain dollar amounts and/or policy limits)
- They review expenses from specific dates early in the year (like Jan/Feb) to confirm that each approval was actually posted in the correct year
- They verify only if we’ve closed year end – we make sure to hang onto invoices for things that come and go
- Copies of all board minutes – checking every motion made in regard to financially related matters
- They review all account-related write offs to match board approvals
- Making sure all our things are approved in accordance with our policies
A preliminary Audit Report is presented to the Board in August of the year at hand, along with tax returns for Board approval. It is usually finalized/approved in August Board Meeting.
Once the Board approves the Audit in August, the auditor then publishes the Final Report and Tax Returns by October.
