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Lakewood Financial Reports are Now Available Online

Financial records have always been available to members in the LPOA office as hard copies. Beginning in 2024, as a part of our Communications Plan, LPOA financial records will be made available online below.

LHC financial records will be available online, in the Residents Only section.

LPOA Financial Documents

Operating Budgets

Operating Budgets

This is a consolidated view of the annual budget of all departments, including both the LPOA and the LHC. This represents recurring, routine, annual operating expenses, including dues revenue, payroll and miscellaneous expenses. Operating Budget recommendations are generated by the Finance Committee in collaboration with Staff and the Facilities & Development Committee. The budget planning process goes from Aug-Nov each year and recommendations are presented to the Board every November to be approved for the following year.

  • Budgets - Operating

Budgets - Operating

Capital Expenditures LIP

Capital Expenditures Budget
(aka Lakewood Improvements Program)

The Capital Expenditures Budget is commonly referred to as our Lakewood Improvements Program (LIP). This budget represents capital projects, debt and reserves allocations, as well as planned one-time expenses as determined by the LIP budgeting process each year. Recommendations to this budget are analyzed and generated by the Facilities & Development Committee, along with collaboration from Staff and Resident LIP Proposals. Capital Expenditures recommendations are presented to the Board in November for approval at the Budget Meeting. There are two types of views:

    • The 10 Year Rolling View is a simple chart that is submitted for Auditing purposes that shows long term plans, also called the Facilities Development Budget.
    • The Annual Spending & Reserve View is an internal working document used by Staff and Committees for analysis and data. It tracks all incoming LIP requests from Staff and Residents, predicts ongoing projects, and includes extensive details about whether projects will be funded by reserves, dues, or are earmarked for reserves in the future.
  • Budgets - Lakewood Improvements Program (LIP)

Budgets - Lakewood Improvements Program (LIP)

Reserve Studies

Reserve Studies

Lakewood commissioned our first professional Reserve Study in 2015 and then ordered another one in 2019. These examine all the property, capital projects and amenities throughout our community, and help us to build a stable and equitable multi-year funding plan for the association’s major repair and replacement expenses. This plan takes into account the end-of-life and replacement schedules for amenities, so we can prepare in advance for major expenses. Things omitted from the scope of this professional study include major Dam Spillway projections and some lake management procedures such as Cove Desilting. These studies help to provide direction for the Capital Expenditures Budgets.

  • Reserve Studies

Reserve Studies

Auditor's Reports

Auditor’s Reports

This long process begins after year-end (approximately February). LPOA and LHC both work separately with our independent auditor. A preliminary Audit Report is presented to the Board for approval in the August Board Meeting of the year at hand, along with tax returns for Board approval. This is an extensive independent review of all accounting procedures, and the Audit Selections Tax Form we receive each year may request all or some of the following:

    • 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
    • They make sure all our line items are approved in accordance with our policies

Once the Board approves the Audit in August, the auditor then publishes the Final Report, along with Tax Returns. Additionally, both audits from LPOA/Parcels and LHC are combined into a format to show the financial status of the combined organization. This report is crucial for banks, lenders and the board to see the overall health of the combined organizations.

  • Auditors Reports

Auditors Reports

Annual Reports

Annual Reports

This is prepared by the General Manager, on behalf of the Treasurer of the Board and the Finance Committee Chair for the Annual Meeting held every April. This is created after the year-end is finished. We use this Annual Meeting to finalize the prior year, and to announce new board members. Beginning in 2024, complete updates were provided in a presentation by staff for all 10 budget departments, and by volunteers for all 11 Committees from LPOA and LHC. The Annual Meeting is presented first, followed by the results of the Election season.

  • Annual Reports

Annual Reports

Monthly Financials

Monthly Financials

The monthly financial activity for LPOA includes the following:

    • Balance Sheet (about 8 pages)
    • Income/Expense Statement, Summarized (about 13 pages)
    • Income/Expense Statement by Department (about 18 pages) (departmental details began being published during mid 2022)

These are usually available about 30 days after the closing month. Beginning in 2018, these reports started being added online in PDF format. All records prior to that can be accessed via the Books & Records policy. Monthly financials are prepared by our contracted CPA firm.

  • Monthly Financials

Monthly Financials

Public Budget Meetings

Public Budget Meetings (Nov)

Each year in November there is a Public Budget Meeting for the residents, hosted by the Finance Committee and Facilities & Development Committee. During the powerpoint presentation, they walk through the Operating Budget and Capital Expenditures Budget recommendations, and explain projections for the year. Residents are encouraged to ask questions. The Budget is then presented to the Board for approval the following week during the regularly scheduled November Board Meeting.

  • Budget Meetings (Nov)

Budget Meetings (Nov)

Lakewood Holding Company

Lakewood Holding Company
(aka Lakewood Oaks Country Club)

All important documents and financial statements for the Lakewood Holding Company will be kept password protected in the Resident Login section of the LPOA website. The LHC is a privately operated business.

LHC Financial Documents
LHC Transparency Reports
Parcels

Parcels

There are 19 Parcels in Lakewood, and they all have their own financial statements. To access these and get analysis, please contact your Parcel Chairperson for the most recent information. You may also contact Machelle Seiler at the Lakewood Office at mac@lpoa.com or by calling (816) 373-4326.

Parcels

Learn about our Policies on Books & Records

Below are the various Lakewood policies on Books and Records, and details around which reports might be confidential or protected.

    • Prior to 2015, all financial records were available in hard copy in the office.
    • In 2015, a limited portion of LPOA financial records were made available online.
    • Beginning in 2024, all LPOA records will be made available online here.
    • LHC financial records will be made available behind the password protected Resident Login area.

LPOA ByLaws Article XII | Books & Records (page 13)

Download LPOA By-Laws

“ARTICLE XII BOOKS AND RECORDS The books, records and papers of the Association shall, during reasonable business hours, be subject to inspection by any member provided, however, that the member give a five (5) day written notice and the member state the purpose of such inspection.

The records which shall be open to inspection shall include the Articles of Incorporation, By-laws, Resolutions of the Board of Directors relating to the rights, limitations and obligations of the members of any class or category member, the minutes of all meetings of members, minutes of all open Board meetings, and records of all changes approved by the members for the past three (3) years; all written communications to members or class members for the past (3) years, including the financial statements for the past three (3) years; a list of the names and home addresses (or business addresses) of the current officers and directors, a copy of the most recent corporate registration report filed with the State of Missouri and any other records covered by the Missouri Statutes that apply to Home Owners Associations.

All final audit reports, annual statements and quarterly financial statements shall be published and available for the members to inspect upon proper request as provided above. Certain records shall be deemed closed records including: resident files; legal correspondence; specifications and bids for competitive bidding until officially approved; published or negotiated contracts until executed; personnel files and executive session minutes.

The Board of Directors may set policies regarding reasonable charges for copying and staff time spent responding to members or resident requests.”

Policy #6 - Financial Management

Download Policy #6: Financial Management

5/13/1993

This policy is to establish the budget process, budget preparation and budget monitoring procedures for the General Manager and LPOA Treasurer. This policy also establishes LPOAs cash reserve guidelines, the method for determining the recommended cash reserve and the conditions whereby the cash reserve may be used.

Policy #24 - LPOA Closed Records Policy

Download Policy #24 – LPOA Closed Records Policy

11/12/2015

After the ByLaws (above) were created, Policy No. 24 was then developed to help define specific accessibility of our individual records, still in accordance with MO Statutes. The purpose of this is to establish the policy and procedures governing access of LPOA records. Financial Statements, Including Budget/Actual, are available at the LPOA Main office, in hard copy format, after staff time/effort has been allocated to assist the resident request.

Transparency Report: LPOA Guide to Financial Accessibility

Download Transparency Report: LPOA Guide to Financial Accessibility

04/05/2017

This Report was prepared to document a summary of understanding how to request access, and to which types of documents you may have access. Many of these financial reports references have since been posted online for easy viewing or download.

Our Accounting and Auditing Processes are Robust and Extensive

Our bookkeeping process is done with monthly oversight by an off-site CPA, and is audited annually by independent Accredited Auditors.

We conduct business internally with many layers of checks and balances, dividing our accounting roles among several staff members as best practices for safety and security. Many accounting firms outside the LPOA have praised our extensive books for their detail and thorough nature. We are now making them easily available online for you here, as part of our ongoing transparency program.

Frequently Asked Questions

What’s the difference between the Operating Budget and the LIP Budget?

The operating budget represents recurring, routine, annual expenses, including Payroll and Miscellaneous expenses. The LIP budget represents capital projects and one-time expenses as determined by the LIP budgeting process each year. All Operating Budget line items are categorized by Department: Admin Budget (10), Clubhouse Budget (15), Food/Bev Budget (20), etc.

What line items represent funds that transfer between LPOA and LHC?

In the Operating Budget:
There are just 2 line items where a transfer of funds happens.

    • Expense – “Annual Consolidated Budget” – 08201 | Building Lease | Admin (10) Department. This line item can also be found under the Monthly Financials, in the “Income Statement by Department” section.
    • Revenue – “Monthly Financials” – 07162 | Contract Services – Admin. This is the management fee from LHC to the LPOA for their portion of the General Manager services. This is to offset payroll that is paid in full by LPOA.

In the LIP Budget:
These line items would change annually, based on any capital projects or one-time expenses that might have been approved during a particular year. Examples would include leasehold improvements or updates completed by the LPOA to the Clubhouse.

These improvements would be approved under the triple net lease agreement between LPOA and LHC. Once expensed, these figures would be reflected in the corresponding Monthly Financials “Balance Sheet”, and also in the Annual Audit Report, under the “Assets” section.

Why is the Revenue Consolidated in the Annual Budget?

For ease of reading, because revenue is uniquely complicated, as it represents a wide variety of line items from LPOA and all 21 Parcels. The detailed balances can be found in the Monthly Financials.

Financial Report Contributors

LPOA General Manager: Mark Reid
LPOA Accounting Officer: Machelle Seiler
LHC Office Manager: Kem Jackson
Chair of Finance Committee: Dave Stacklehouse

Chair of Facilities Committee: Emmett McClintock
Accredited CPA’s: Spilker McKeone & Nelson P.C.
Independent Auditor: Marr & Company, P.C.

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