The Willow Lake HOA bylaws require that an independent audit of HOA books be conducted every year. . In 2017, three community members reviewed the HOA’s financial records for the year and reported their findings at the annual meeting. As a result, members voted to change the bylaws to allow for continued annual financial review by community members.
The HOA Board anticipates that this year’s financial review will begin in August and the review of the approximately 100 transactions can be completed by committee members in two meetings.
The review will include the following:
- Validating disbursements and deposits from the check register to the bank statements
- Validating disbursements to source documents
- Validating receipt of all assessments
- Validating that all non-budgeted items are properly authorized
- Validating transfers to the capital accounts are performed in accordance with the annual budget and reserve schedule
If you would like to take part in this year’s review please contact Kathleen Schisler, Ben Ables or Bob Grasso no later than Friday, July 27.
Thank You.