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34
F E B R U A R Y , 2 0 1 8
monitored by Certified Pool Operator; must conform to
newest municipal regulations and must have proper fenc-
ing, automatic gate closing and walkable pool covers.
• Tot Lots and Other Recreation areas – Must be inspect-
ed yearly by certified recreation company; must meet
newest municipal codes; should be viewed weekly for
proper function of equipment and debris; all equipment
should be reviewed quarterly for loose parts and chips
on equipment and proper condition of ground surface.
• Sidewalk and common area cement – All concrete
needs to be checked so that trip hazards are repaired;
cracks larger than .25 of an inch need to be noted and
checked before and after winter freezes.
Financial Stability and Fiscal Health is more complicated
than monthly financial reports and should be evaluated
annually by a Certified Public Accounting firm via audit,
however, managers handling day-to--day operations should
address the following concerns:
• Managers should be familiar with all payables and
invoices, to ensure that services and goods being billed
are correct.
• Managers should know where the Association funds for
Operating and Reserves are maintained and to make
sure that the accounts are properly funded.
• Managers should know all budget line items and be
familiar with monthly Budget verses Actual Financial
Reports.
• Managers should keep a record of anticipated expens-
es so that proper funding of next year’s budget is docu-
mented.
• Managers should never accept cash for any association
fees.
Managers should be able to read and understand month-
ly financial reports and be able to advise the Board of cash
flow issues.
While the above items are basic fundamentals, it is a
good idea to restate routine protocol and to practice the
above as part of good management. Good management
keeps communities secure.
n
MANAGEMENT
TRENDS...
from page 32.
Let us work with your
association to find the right
coverage, at the right price.
Felsen Insurance Services, Inc.
3155 Route 10
Denville, NJ 07834
Phone: 973-361-1901
Fax: 973-361-2660
info@felsen.comIsn't it about time you took a fresh look at
your community's insurance program?
Are you looking for personal, professional
service and attention?
Condominium Insurance