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Ending the Administration

In some country's law dictates that the Accounting period should be from 1 of January to 31 of December. Anyway, this limits are considered to be a good practice anywhere. This is the major task of all HomeOwners Association Administrative tasks.

It can be decomposed in th following sub-tasks, and must be done in the specified order.

  1. Schedule the Homeowners assembly
    Homeowners should be notified before the the end of the Year. The meeting should occur in the first days of January. In some country's, laws limit the period. See below for more information.
     
  2. Close the Accounts
    Should be done in the first days of the new Year. See description at Closing page.
     
  3. Decide how much to put on Savings
    By analyzing Income Statement, Cash Journal and Deposit Account Journal, decide an amount to put on Savings Bank Account. Here too some country laws enforce the use of this kind of account and even stipulate the minimal amount to transfer each Year. See Savings Account for more detail.
     
  4. Plan Next Financial Year
    Next administration must have a plan that gives some confidence that expenses will not exceed income. So using Income Statement and other information the budget for next year must be establish. By doing this you may realize that Quota's need to be increased, or not. See Plan Next Financial Year.
    You may provide more than one financial plan to the Homewoners Council.
     
  5. Mail all Home-owners
    So everyone of the Council can prepare itself for the meeting, Income Statement, Financial Plan and Quotas Map documents, at least, must be provided to each member. Don't forget the non resident homeowners.
     
  6. Do the Assembly Meeting
    IT should be don at the first days of the new Year. Some country laws restricts to be on the first 15 days. See below for more information.
     
  7. Do the Meeting Minute and get everyone to sign it.

Schedule the Homeowners Council Meeting

The content of the meeting should have at least the following matters:

  • Accounts approval
  • Financial Plan for next Year
  • Electing the next Administration
  • Matters concerning home-owners

The meeting should be scheduled to the first 15 days of January. In some country's law demands it, but anyway, its a good practice to do Accounts approval at the very beginning of the year. Don't forget to announce at least 2 weeks before. Some country's laws demands formal notification and specific period of time.

Documentation produced should be provided at least a week before to the homeowners so they can analyze and prepare themselves for the meeting. Balance sheet, Financial plan and Quota Map are essential. E-mail can help reach non resident homeowners and also help spare some paper.

Anything that is not in order, like insurance to be made, repairs, or opening an Savings Bank Account should be on the meeting agenda.

More detail about meetings at Meetings page.