FINANCIAL CONTROLS

SaddleBrooke Villas Association, No. 20, Inc.

March 2007 Edition (reviewed as accurate 8/1/2010)

Incorporating Prior Amendments

Check Writing:  HOA #1 Controller has possession of the Villa Association’s check book.  All checks written on Villa bank account requires two signatures:  Any combination of the HOA #1 Controller, Villa Treasurer, Villa President , Villa Secretary or Villa Vice President.  The monthly bank statement and General Ledger will be reviewed by the Villa Association Treasurer.

Reporting:  The Treasurer will give an oral report on the current financial position of the Association at each Board meeting.  Copies of the past month’s financial report will be distributed to the membership.

Spending Limits:  Board members and committee chairs may spend up to $500 for budgeted items pertaining to their area of operation without prior Board approval.  Non-budgeted items require prior Board approval.  

Payments:  Invoices and Requests for Reimbursement will be submitted to the Treasurer or President for approval prior to being forwarded to the HOA #1 Controller for payment.

Water Service Line Repairs:  At the February 7, 2002 meeting, the Board of Directors approved a policy of paying for water line repair from the water meter to the villa.  Lago del Oro Water Co. is responsible for repairs from the street to the meter

Enforcement of Villas Assessments:  The Amended and Restated Declaration of Covenants, Conditions, and Restrictions for SaddleBrooke Villas Association, No. 20, Inc., provides for the enforcement of Villas Assessments.  Effective March 1, 2007, the following schedule of charges and fees shall apply:

• Late Charge and Interest on Delinquent Balances – A late charge of 10% (with a minimum $15.00) of the monthly assessment amount will be charged for payments not received by the 25^th day of the month the assessment payment is due.  In addition, an interest rate of 12% per annum will be charged for all delinquent amounts, including any late charges, plus collection expenses incurred by the Association.
• Filing of Notice and Claim of Lien – In the event of delinquency, the Villas Association Board of Directors may cause a lien to be filed with the County Recorder.  In such event, the delinquent member shall be responsible for legal expenses, collection costs, and other fees related to the lien filing.
• Bank Charges for Returned Checks – Villas Association Members shall reimburse the Association for any bank charges resulting to the Association from returned checks given in payment of Association assessments, or other obligations.