Controls Assessment — HOA Financial Governance

Association Details (Optional)

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Payment Authorization

How are vendor payments approved before disbursement?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Are payment initiation and approval handled by different people?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Period Integrity

How do you manage accounting period close?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Fund Protection

How do you ensure operating and reserve funds stay separated?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Reconciliation

How often is the bank account reconciled to the ledger?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Vendor Controls

How do you verify vendor insurance and compliance before payment?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Financial Monitoring

How is budget variance tracked and reported?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

How are reserve fund levels monitored against targets?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

How is homeowner delinquency tracked and managed?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Audit Trail

How are financial decisions documented for future reference?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Board Governance

Does the board formally certify financial statements?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

Are governance policies documented and accessible?

None — No process exists Informal — Ad-hoc, person-dependent Documented — Written policy, manual execution Automated — System-enforced and logged

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