CwlW (Delaware)
Posts: 7
Posts: 7
Posted:
Question about common accounting practices. Perhaps someone on this site may be familiar with my question.
I pay quarterly assessment fees, along with another yearly assessment fee to the same property management company. I pay all of my bills through an online banking account.
What aroused my curiosity, and concern was a recent monthly financial report sent out to all Board members. Which I noticed for the first time, the credit of $100.00 to many homeowners.
About 1.5 years ago, the owners had on option to send the PM $100.00 per unit, to have an outside vent cleaned out. After much research I discovered this was maintenance that should have been paid by our HOA funds. The PM, DID NOT return the $100.00 to the unit owners, nor did they show a credit on our quarterly billing statements sent out to homeowners. Is this a common practice with accounting principles? My common sense, tells me no, this money should have been returned to each homeowner in a timely manner, or take the $100.00 off of their next quarterly assessment, neither was done. My questions about this to the PM, were ignored, also ignored by my fellow Board members. We have a passive accountant on the Board, and a Treasurer who is as ignorant of accounting principles as I am.
As a result of the above, I went to my online banking page, and checked all of my payments to the PM, just out of curiosity. There is one assessment I pay annually. This amount of $500.00 was paid to the PM twice last year.
There was a name change who the payments were to go to, so inadvertently, I sent a double payment last October. I have proof through my online banking account this was done, and what date the PM cashed both of these checks.
Now, this PM, did NOT tell me I had made a double payment last October 2012, and I would have never known otherwise. Must check my account more often. This would or should be a simple problem to correct. However, this has been a consistent pattern with this PM and her handling of our HOA funds. I have been the only one to catch several errors on the monthly financial reports. I do digress.
My initial question is, how does your PM's handle overpayments, credits? What are common practices. As an example, I also made a double payment to a vendor last year, also another name change of their business, which I again must have programmed wrong in my online bank settings, and their office called me immediately to notify me, along with putting a check in the mail to me.
Any insights appreciated.
I pay quarterly assessment fees, along with another yearly assessment fee to the same property management company. I pay all of my bills through an online banking account.
What aroused my curiosity, and concern was a recent monthly financial report sent out to all Board members. Which I noticed for the first time, the credit of $100.00 to many homeowners.
About 1.5 years ago, the owners had on option to send the PM $100.00 per unit, to have an outside vent cleaned out. After much research I discovered this was maintenance that should have been paid by our HOA funds. The PM, DID NOT return the $100.00 to the unit owners, nor did they show a credit on our quarterly billing statements sent out to homeowners. Is this a common practice with accounting principles? My common sense, tells me no, this money should have been returned to each homeowner in a timely manner, or take the $100.00 off of their next quarterly assessment, neither was done. My questions about this to the PM, were ignored, also ignored by my fellow Board members. We have a passive accountant on the Board, and a Treasurer who is as ignorant of accounting principles as I am.
As a result of the above, I went to my online banking page, and checked all of my payments to the PM, just out of curiosity. There is one assessment I pay annually. This amount of $500.00 was paid to the PM twice last year.
There was a name change who the payments were to go to, so inadvertently, I sent a double payment last October. I have proof through my online banking account this was done, and what date the PM cashed both of these checks.
Now, this PM, did NOT tell me I had made a double payment last October 2012, and I would have never known otherwise. Must check my account more often. This would or should be a simple problem to correct. However, this has been a consistent pattern with this PM and her handling of our HOA funds. I have been the only one to catch several errors on the monthly financial reports. I do digress.
My initial question is, how does your PM's handle overpayments, credits? What are common practices. As an example, I also made a double payment to a vendor last year, also another name change of their business, which I again must have programmed wrong in my online bank settings, and their office called me immediately to notify me, along with putting a check in the mail to me.
Any insights appreciated.