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Subject: Duties of a Board Treasurer

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NormanG
(Arizona)

Posts:38

09/19/2007 5:16 PM
I have gone thru the discussions on this site concerning the Treasurer position on the Board but am still perplexed. What are the inherent responsibilities? Is it the Treasurer's responsibility to "collect" HOA dues(doubt it) or is it merely the responsisbility to give an accounting at each meeting of the financial situation? This information must come from some place if the "treasurer" is NOT intimately involved from a day-to-day hands-on involvement?

DonnaS
(Tennessee)

Posts:5671

09/19/2007 5:36 PM
NormanG. Your Documents should spell out the Treasurers duties. I would bet that he does not handle the dues but if you have a management company, they should do it. Having a single board member be responsible for such an important duty is risky business at best. Every association needs to have a system in place where there are checks and balances in power and handling the money is a duty that should be monitered by the entire Board. ALso, if you are registered with your state and have Articles of incorporation, that state statute will also govern how your corporation handles finances.

NancyD1
(Florida)

Posts:447

09/19/2007 6:05 PM
The treasurer is responsible for coordinating the development of the proposed annual budget and for preparing and giving the annual financial report on the financial status of the association. He along with the other BOD members should implement financial safeguards to protect association assets. The treasurer is the board's liaison to the association's auditor. He should monitor the progress of the annual audit. Make sure that appropriate tax returns are filed on time. The treasurer should implement a reserve program based on an engineering study and make sure it has adequate funding. The treasurer ensures the implementation of an annual operating budget. The treasurer implements all late charges and insurers collections of association dues. The treasurer is the custodian of the funds, securities and financial records of the association. When the association has a manager or management company that actually handles the funds on a daily basis, the treasurer's duties will include overseeing the appropriate people to insure that the financial records and reports are properly kept and maintained. The treasurer does not have to perform the day-to-day record keeping functions of the association when this responsibility is transferred to a management company, but the treasurer will ultimately be responsible for insuring that the financial records of the association have been maintained properly in accordance with sound accounting practices.

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Forums > Homeowner Association > HOA Discussions > Duties of a Board Treasurer

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