LLA Financial Operations

Our Bylaws require an audit of the Associations financial records be completed prior to each annual meeting. To accomplish this requirement, we have created a standing committee of Association members experienced in standard business practices, policies, and audit. This committee not only fulfills the requirements of our Bylaws but importantly provides transparency to our operations and helps protect the assets of our Association.

Current members of this committee are Deb Dumont and Sandy Eldredge. Should you have an interest in serving on the Financial Review Committee, please reach out to any of these members or the President of the Lovell Lake Association.

Lovell Lake Association Finances

The Lovell Lake Association’s Board and Executive Committee take great care in protecting the assets of the Association and utilizing our funds for their intended purpose, protecting the water quality and environment of Lovell Lake.

Following is an overview of the funds we collect each year, how those funds are used and some of the controls put in place to protect our assets and ensure the funds are used as intended.

Each year LLA collects funds from individual members annual fees (currently $25) and optional donations which can be directed to specific programs (currently Water Quality and the Bob Tucker Memorial Scholarship) or for general Association operations. We also receive a generous grant from the Town of Wakefield for the Lake Host program (see below). Funds received from individuals are either through on-line donations or paper checks and are deposited in FIDC insured banks. There are approximately 220 members in the Association, a little more than half of the property owners adjacent to the lake.

Funds spent by the Association support our water quality initiatives, the Bob Tucker memorial scholarship and general Association operations, as follows:

• Water Quality initiatives, which encompass most of our expenditures, include the cost of the Lake Host program, UNH water testing, membership in the New Hampshire Lakes Association, and our SWEEP and Weed Watch programs. Description of these programs is included in the Lake Protection pages on this website.
• The Bob Tucker memorial scholarship is a grant given annually to college bound area residents and children/grandchildren of our members. The scholarship is funded solely from donations specifically identified for the scholarship. The terms of the scholarship are explained on the Scholarship page.
• General Association costs include, the annual newsletter, annual membership sticker, liability Insurance, postage, the annual meeting, the Boat Parade, Ice Cream Social, subscriptions to IT software, e.g., QuickBooks and website, and other normal operating expenses.

Please note that all of the work done by volunteers in various programs such as the Weed Watchers, water testing and those on the Board and Executive Committee is uncompensated. Without these dedicated volunteers, we would not be able to fulfill the mission of the Association.

Some of the controls put in place to ensure funds are used as intended and assets protected include:

• Preparation of an annual operating budget that is reviewed and approved by the Board and Executive Committee.
• Preparation of interim financial statements by our volunteer Treasurer using QuickBooks. These statements are presented to the Board and Executive Committee at regularly scheduled meetings throughout the year.
• Monthly reconciliations of our bank accounts and other key financial reports.
• All cash and short-term investments are held in FDIC or SIPC insured institutions.
• Dual approval of all disbursements by two Board members.
• An annual financial review of the Association’s books and records by members independent of the preparation of financial transactions and records as described above.
• Distribution of our annual financial statements at the annual meeting to ensure full transparency to Association members.

Our federal tax filings with the Internal Revenue Service and with the State of New Hampshire Charitable Trust Unit reporting requirements are current.

We are fortunate to have many supporters of the Association fulfilling our mission. The generous financial donations and numerous volunteer hours provided by our members over the years have allowed us to accumulate funds and be proactive in addressing water quality issues. The donation to Moose Mountain Regional Greenway for the conservation of the Hraba/Jennison property and initiation of the SWEEP program are two examples of how the Board and Executive Committee are using our resources to maintain and protect the water quality of the Lake.

We welcome any suggestions on how to improve our financial operations. If you have any ideas, please reach out to the Board.