Treasurer
Board Member
The Treasurer of our Homeowners Association (HOA) plays a critical role in managing the organization's financial affairs, ensuring transparency, accuracy, and responsible stewardship of HOA funds. The role of treasurer is a non-voting board position. Below are the key responsibilities entrusted to the HOA Treasurer:
Financial Management: Overseeing all financial aspects of the HOA, including budgeting, accounting, and financial reporting. The Treasurer develops and maintains comprehensive financial records, tracking income, expenses, assets, and liabilities to provide a clear picture of the HOA's financial health.
Budget Development: Collaborating with the HOA board and relevant committees to develop annual operating budgets and long-term financial plans. The Treasurer assesses the financial needs of the community, identifies funding priorities, and proposes budget allocations to support essential services, maintenance, and capital improvements.
Financial Reporting: Providing regular financial reports to the HOA board and members, summarizing the organization's financial status, performance, and variances from budgeted projections. The Treasurer ensures that financial information is accurate, transparent, and accessible to stakeholders, fostering trust and accountability.
Collection and Disbursement: Managing or assisting the CPA firm with the collection of HOA dues , assessments, and fees from homeowners in a timely and efficient manner. The Treasurer oversees disbursements for approved expenses, ensuring that payments are made promptly and in accordance with established budgets and financial policies.
Banking and Investments: Establishing and maintaining HOA bank accounts, investment accounts, and reserve funds as appropriate. The Treasurer manages cash flow, monitors account balances, and maximizes returns on investments while minimizing risks in compliance with HOA policies and regulatory requirements.
Financial Controls: Implementing internal controls and procedures to safeguard HOA assets and prevent fraud, misappropriation, or misuse of funds. The Treasurer conducts regular audits and reviews of financial transactions, reconciles accounts, and maintains segregation of duties to ensure accountability and transparency.
Tax Compliance: Ensuring compliance with tax obligations, including filing required tax returns and reporting income, expenses, and other financial information to relevant tax authorities. The Treasurer stays informed about tax laws and regulations affecting the HOA and seeks professional guidance as needed to fulfill tax responsibilities.
Reserve Planning: Collaborating with the board and relevant committees to develop and maintain reserve funds for anticipated future expenses, such as major repairs, replacements, and capital improvements. The Treasurer assesses reserve adequacy, recommends funding strategies, and monitors reserve fund performance over time.
Bylaws Definition: The treasurer shall receive and deposit in appropriate bank accounts all monies of the Association and shall disburse such funds as directed by resolution of the Board of Directors; shall sign all checks and promissory notes of the Association; keep proper books of account; cause an annual audit of the Association books to be made by a public accountant at the completion of each fiscal year; and shall prepare an annual budget and a statement of income and expenditures to be presented to the membership at its regular annual meeting, and deliver a copy of each to the members