Subject: Treasurer FAQ
Over the last two years I have had unit owners’ ask questions regarding the various aspects of the financial side of Queens Landing. As an intro into the upcoming townhall on September 23rd which is being held to discuss the budget and reserve, I’d address some of the most common ones.
Who handles the payments received for our monthly dues? All payments either go to the bank lockbox which is directly deposited in the QL bank account or if auto withdrawal the money is pulled from the homeowners account and directly deposited in the bank account. Other than reviewing the monthly bank statement and reconciliation no one on the board has access to the account for withdrawals or deposits.
How are our monthly vendors invoices approved? Most of our monthly bills are utilities, management fees, insurance or contracts. Other such as vendors for worked approved by a maintenance work are submitted by the vendor by email, Tidewater on-site manager verifies the invoice and approves.
How are the bills then paid? All check disbursements are done by Tidewater accounting dept for all approved invoices. The Treasurer has final approval once invoices are coded to be paid.
Who can approve work to be done? The onsite manager can approve repairs/maintenance up to $3500 with one quote, over that limit the maintenance committee can approve repairs/maintenance up to $7500 with 3 competitive bids, and $7501 and up, 3 competitive bids must go to the board for approval.
Where do my monthly fees get spent? –Approximately Admin 18%, Utilities 10%, Grounds 12%, Buildings 13% Clubhouse 2%, Pool 2%, Insurance 20% with funding to the reserve 23%.
Is there any way to see the monthly income and expenses? The monthly managers’ report is filed with the monthly board meeting minutes that are posted on the portal once approved. This contains the balance sheet, statement of revenues and the reserve investment account.
Is there a way to see more info than what’s posted in the managers’ report? Any additional information can be obtained by contacting the property manager in which you can email the requests to the office email, fees to be charged if applicable.
How does the budget get done? Yearly the budget is reviewed by the committee which looks at the past 5 years expenses along with current year. The vendors such as utilities are contacted to see if there will be any rate increases along with those that the contract is under renewal. Based on past expenses, any rate increases and any known upcoming new expense is entered in a spreadsheet which will then calculate dues per unit. The committees also submit a budget if applicable to their committee. They also look to see if there are any areas in which the budget may be reduced. Reminder most all expenses paid are those such as utilities, contracts, insurance and maintenance/upkeep of the community.
Do we have a reserve study and what are we doing with it? The reserve study was done in 2019 with an Ad Hoc Reserve Committee formed in August 2019. The committee took the study and broke it down with a Component Analysis, Financial Analysis, Developed a Funding Strategy and Completed Reserve Study. While never complete as it will always be changed and updated it is completed to present to the community.
I want to know more about what is going on with our community, how can I find out? The best way is to become involved, informed and active. Attend meetings, contact the committee chairs, request information from the office and check the QL portal. Nothing worse than posting on social media something you heard which may not be accurate, instead email the committee chair or members. We volunteer our time as we are just as much invested in our community as you are.
UPCOMING TOWNHALL – THURSDAY, SEPTEMBER 23RD AT 7PM – Open forum for discussion
To find out more, attend the upcoming Budget/Reserve Townhall so that you can ask those questions, see what we are doing and how we are working to maintain and preserve our community. It takes a village, become part of that village.
Link to call in will be emailed out and posted on the QL website.
Looking forward to seeing or hearing you on the 23rd!