Treasurer

Functions of the Treasurer:

The Board treasurer is responsible for the association’s funds, securities and financial records.  He or she oversees billing, collections and disbursement of funds, and coordinates the development of the association’s proposed annual operating budget and reserve allocations.  In addition, the treasurer is responsible for monitoring the budget and reporting on the association’s financial status throughout the year, as well as for overseeing year-end reporting and any required audits. In self-managed communities, in which many of the day-to-day financial responsibilities are handled by a property management company, the treasurer is responsible for ensuring that all association funds are collected, disbursed, invested and reported accurately and remain in compliance at all times with the association’s by-laws and governing documents.

At the end of the fiscal year, they should schedule and assist with an audit of the association books with a CPA, as well as prepare the annual budget and income and expenditure report for the rest of the board. The treasurer should work closely with the management company for accounting services and financial reports.

The responsibility of the treasurer should not be taken lightly. Poor management of association funds could create distrust and conflict within the community. It can even result in legal action. Therefore, the treasure should be well organized, trustworthy, and responsible.