Financial Report

Started by PattyB1 • 4 replies • 1339 views

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PattyB1 (Kentucky)
Posts: 40

Posted:

I'm President of our Hoa,was VP of the previous BOD.We have a new Treasurer,and I have a problem.Since attendance was low at our meetings last year,when I took over July 1st of '07, we decided to have quarterly meetings rather than every month. A financial report will also be done each quarter,which didn't happen with the last board. Anyway,The first report was done for our first meeting on July 22nd which contained everything from Aug.'06- June 30th of '07,the end of the previous board.Now,the next statement is due at our meeting on Oct.14th and my Treasurer has showed me what she intends to put out. It contains a few items from '06 that were on the first report. I brought this to her attention and told her we need to start from 7/1 ending 9/30. She also has the ending balance from Dec. of '06. We've already done last years.Some of the items are repeat from the first statement. As President, can I decide not to put the '06 in our '07 report? I don't want to sound like I'm telling her how to be Treasurer. How should I handle this? Patty

RogerB (Colorado)
Posts: 5,067

Posted:

Patty, your financial reports need to coincide with your tax year. That means if the end of the tax year is December 31 then finacial reports should only include items in that tax year. A report from August 06 to June 30, 2007 is not acceptable. No such financial report should be compiled by a Treasurer nor accepted by the Board. Also, I wonder why you are not doing monthly financial reports? Even with HOAs we manage who have quarterly meetings we provide four monthly financial reports to all Board members by email.

Perhaps the Treasurer needs to go to school on learning bookkeeping. Otherwise, I would be looking for someone else to keep the books.

JohnM3 (Florida)
Posts: 288

Posted:

Patty: What does your docs say about meetings? Be very carefull dont violate your ccrs under any circumstances what so ever. It is a bad move for years we only had 2-8 people at our monthly meetings they will come back once you start making descisions they dont like.

I have been treas for 8 years heres the way my reports look
Line 1 Operateing Account
Item a Account at start of month
Item b Account at end of month

Line 2 Reserves
Item a Account Balance at start of month
Item B Account at end of month

Then remarks: Ie we are on budget , over budget in the following areas***************

Respectfully submitted
My Name title

Keep in mind they also get a p and l from the PMC also. I also have all checks cashed by the assoc xeroxed back to the bod as part of the monthly reports.
Everyone gets a copy of the TOPS Report from the MC also.
Everything I use comes from tops and the bank statements which I get online at my office.
We have 307 homes in our HOA

Hope this helps. Never ever forget you bod are all volunteers so treat them with respect. Never ever forget there is no I in Team!

AlexL1 (Florida)
Posts: 305

Posted:

John:
Are you referring to a ONE-PAGE report? Is it on an excel sheet? Do you get the information(financial information) from the MA? I do not know if it is possible to attach a copy of the report? I want to develop a ONE page report for our meetings and do not know just yet how to.. Sometimes a financial report from the MC can be quite detailed and would like to take that info and succint it to one page

SusanW1 (Michigan)
Posts: 5,202

Posted:

Our HOA treasurer gives an itemized Profit/Loss for the current month; an itemized year to date in comparison to the budget, and A Balance Sheet.

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