As a necessary and prudent business practice, the current Board and all future Boards should retain an independent CPA firm to conduct regular financial and operational audits. This could be done once every three years with an independent annual review by the CPA firm currently retained to prepare and file HOA annual tax returns.
The audit would:
1. Determine compliance with GA Law, the Georgia Properties Association Act (ACT), the Covenants and the Articles of Incorporation, and the By-laws;
2. Conduct a comprehensive financial audit with emphasis on dues revenues and collection integrity.
3. Research and develop the basis for capital funding of major projects and facility expansions and maintenance.
4. Evaluate and re-establish internal controls; and, identify opportunities to improve efficiency and effectiveness.
The end result would be a report that identifies corrective actions and makes recommendations that can be used to develop a policy and procedures manual.
The audit also needs to identify ways to improve the operational effectiveness and community outreach and communications within the TIPOA. Simply put, an operational audit could be used to develop a set of policies and procedures that would inspire confidence in our governance and promote cohesiveness in our community.