Healthy finances are critical to the sound operation of a community association. The association treasurer is responsible for maintaining the finances and ensuring financial growth. The community’s governing documents outline the specific duties of the position within the structure of the Board.
To highlight a few key responsibilities of a community treasurer:
•The treasurer is the financial voice of the board and the community.
•The treasurer is the board's liaison to the association's auditor. He or she 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 should ensure the implementation of an annual operating budget.
•The treasurer should implement safeguards to protect association assets.
•The treasurer may oversee issues such as: insurance, financial records, investment of funds
The treasurer should rely on the management office’s accounting department and controller to provide accurate reports and summaries. The accounting department and controller should also be available for training sessions. Reading the details within a monthly financial statement and understanding the cash flow and balance sheets will help the treasurer have a firm handle on the communities financial well being.
No comments:
Post a Comment