Get 1 year of free community web site hosting from!
Monday, June 01, 2020

HOATalk is a free service of

Get 1 free year community website and email newsletter hosting from!
Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.
Subject: Bookeeping in an Illinois \Common Interest Community
Prev Next
Please login to post a reply (click Member Login on the menu).
Author Messages


09/18/2013 9:03 AM  
For about 20 years we have had a bookkeeper keeping the booksin our HOA. He had complete control of all the finances, other than signing the checks, which require two signatures of the "treasurer" , president and VP, who are are authorized to do this.

The "elected treasurer" who has been in office for those same 20 years , years does no duties of a treasurer.He submitted bills to the bookkeeer, who wrote the checks, returned them to him to sign and mail to vendor.The "treasurer only read the financial reports the bookkeeper at board meetings, which the bookkeeper had prepared and these were the extent of his "treasurer duties".

The association bookkeeper resigned as of January 2013 and with board approval of all board members, except the "pretand treasurer" a highly qualified,professional accounting firm , who only deals with HOA's, not just income tax returns, was hired. This accounting firm is doing an excellent job. However, the "pretand treasurer" refuses to turn over all bank account records to them and still has all bank statements from our previous bank sent to him. The accounts in this bank contain over $125,000.00 in reserve funds. By the time that "treasurer" gets around to sending copies of these bank statements to the account firm almost a month has passed and the financial reports cannot be completed.

I am not on the board any longer and my questions are: How does the board get the bank statements sent to the approved accounting firm and can this "pretend treasurer" legally have tall the bank financial information sent to him, when the only treasurer duty he perfoems is co-signing the association checks ?

Thank you for any suggestions ..


09/18/2013 10:13 AM  
It is good practice that someone other than the accounting firm/bookkeeper get the bank statements. To have every financial document your HOA generates be in the hands of one entity is bad business practice. Depending on your bank it may be possible that this accounting firm can go online and download the bank statements while the snail mail copies are sent to the treasurer, or have the treasurer or another board member download the statements and the hard copies are sent to the firm. There should always be a second set of eyes on HOA accounts.


09/18/2013 3:13 PM  

The bank statements should be sent to the Association at the Associations mailing address.

Your Association Treasurer is not a "pretend treasurer." The individual was properly appointed to that position and serves as the Treasurer. As Treasurer, they are responsible for the accounting of the Association funds. Your Association has chosen to delegate the duties of the Treasurer to a contractor. This doesn't absolve the Treasurer from their responsibility, it only relieves them of the day to day tasks.

Personally, I would want some sort of verification process involved. Perhaps your Treasurer is doing this by reviewing the bank statements.

BTW: Having the bank statements in hand or not should not prevent a financial report from being completed, as the reports should be made from the Association records. The Bank statements serve to verify such reports.

One suggestion would be for you to volunteer to serve as the Associations Treasurer.
Please login to post a reply (click Member Login on the menu).
Forums > Homeowner Association > HOA Discussions > Bookeeping in an Illinois \Common Interest Community

Get 1 year of free community web site hosting from!

Only members have access to all features.
Click here to join HOATalk for Free! Members click here to login and access all features.

General Legal Notice:  The content of forum messages are from the posting member and have not been reviewed nor endorsed by  Messages posted by HOATalk or other members are for informational purposes only, are not legal or professional advice and do not constitute an attorney-client relationship.  Readers should not act upon this information without seeking professional counsel.  HOATalk is not a licensed attorney, CPA, tax advisor, financial advisor or any other licensed professional.  HOATalk accepts ads from sponsors but does not verify sponsor qualifications nor endorse/guarantee any sponsor's product or service.
Legal Notice For Messages Posted by Sponsoring Attorneys: This message has been prepared by the sponsoring attorney for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. Readers of should not act on this information without seeking professional counsel. Please do not send any sponsoring attorney confidential information unless you speak with the sponsoring attorney or an attorney from the sponsoring attorney’s firm and get authorization to send that information to them. If you wish to initiate possible representation, please contact an attorney in the firm of the sponsoring attorney. Sponsoring attorneys that post messages here are licensed to practice law in a specific state or states as indicated in their message signature or sponsor’s profile page. (NOTE: A ‘sponsoring attorney’ is an attorney that is a official sponsor and is identified as such in the posted message or on our sponsor page.)

Copyright HOA, A Service of Community123 LLC ( Homeowners Association Discussions )   Terms Of Use  Privacy Statement