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MarieL
(Illinois)
Posts:55
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| 08/17/2010 10:50 AM |
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In a common interesr community should the board president and board members beprovided with monthly bank account statements before approving treasuer's reports from the association boookkeeper?
As a board member I am uncomfortable approving treasurer's reports, especially since it has been quite a few years since our books were last audited.
Am I overreacting?? |
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SusanW1
(Michigan)
Posts:5035
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| 08/17/2010 12:22 PM |
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Yes - board members DON'T "Approve" the treasurer's report.
It is simply accepted into the record, for audit.
After the audit or audit review (whichever is required) then the Members approve the Treasurer's report at the Annual Meeting.
A finance committee goes over each and every expenditure and works with the Treasurer. The treasurer simply carries the report to present to the board. Do you have a 3 mwember finance committee/
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MarieL
(Illinois)
Posts:55
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| 08/17/2010 1:07 PM |
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Hi susanW1. Thanks for your resp[onse. We have a " treasurer" in name only. Our finances are handled by a bookkeeper. The " treasurer" only goes over the report at the board meetings, prepared by the bookkeeper. and the members are asked if they approve the report or not. There used to be an audit committee of three people, not board members,but as far as I know there has not been an audit in quite some time.
I am back on the board after a long absence due to serious vision issues and had not paid much attention to the board until about a year ago, ran for office and was elected in January of this year.
I do not like what see in our financial reports and our reserve fund.I have asked for bank statements, to no avail. My questions are put off and evaded. But it appears there is nothing that can be done about this, until our annual meeting in December.But thanks for your respone.
Marie |
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RogerB
(Colorado)
Posts:4647
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| 08/17/2010 1:28 PM |
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| Mariel, If you are a signer on financial accounts you can ask the bank(s) to mail copies of their bank statements directly to you. Or the Board can request the bookkeeper email copies each month to all Board members with an email address. The Board should not approve the treasurer's reports; rather they are accepted without approval since they have not been audited. |
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NikkeN
(Illinois)
Posts:1
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| 08/17/2010 1:51 PM |
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| In follow up to this question, we have a PM company that supplies Balance Sheet and P & L at our quartley meetings, we have been asking for copies of our bank accounts for month to no avail. Because we receive the other financial reports do we have the right to request bank account info? State of IL. Thanks |
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MaryA1
Posts:0
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| 08/17/2010 2:28 PM |
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Nikke,
Are you a member of the board? If so, of course you have a right to see the bank statements. The bank account belongs to the HOA not the PM company! Any PM that denys financial records to a board member should, IMO, be fired! They do not have a right to do this! On the other hand, if you are a member then your right to see assn records should be stated in the bylaws and/or state law. If bank statements must be made available to the members then the PM has no right to withhold them from you. |
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MaryA1
Posts:0
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| 08/17/2010 2:46 PM |
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Marie,
First of all, as others have said, the treasurer's report is not approved by the BOD, it is accepted -- or not. But, don't feel bad, I think most people are not aware of this. My board Pres always calls for a motion to accept the treas. rpt.
I would think a copy of the bank statements would be provided to the treasurer at least, or perhaps included in the board packet. If not, the BOD certainly has a right to request that of the bookkeeper.
As far as overreacting -- maybe you are and maybe you aren't. It all depends upon how much faith you have in the bookkeeper. If she doesn't seem to want to be very accommodating about giving financial info then you have a right to be a bit worried. But, if you feel she is doing a very good job and you feel she is very trustworthy, then perhaps you are a bit overreactive. |
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SteveG4
(Texas)
Posts:6
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| 08/17/2010 5:03 PM |
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| As former treasurer and now president, our board has all officers listed on the signature card. Any one of us may go and request a copy of statements. I, along with the treasurer, have internet access as well. |
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MarieL
(Illinois)
Posts:55
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| 08/17/2010 7:21 PM |
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Thank all of you for your respmses. I have learned something new about accepting not approving treasurer's reports I didn't know before... The new Illinois law governing common interest communities, such as I live in state homeowners can request and are entitled to financail records and so did our old ones. Although the board has not refused to give me this information, they evade and ignore it.The same as they have ignored annual audits for quite a few years.
However, I am on the board again and in afew short months it will be time for the board to bring up the issue of the annual budget.I think these issues will be resolved then.
Again, thank you for all the input I have orofited from it...
MarieL |
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