What is the Condo Board Treasurer Responsible For?
Success of a homeowners association lies in the hands of the board of directors. Strong boards of directors carry out proper planning and execute those plans on a timely basis to ensure well-being of the home owners and residents in a condo. The management of finances of the condo board is tasked to a condo board treasurer who is a member of the board of directors and is responsible for overlooking the financial aspects of the association.
Condo Board Treasurer Responsibilities
The Treasurer is in charge of ensuring financial stability of a homeowners association. The board treasurer has an extremely important position as it involves managing all funds, securities and complete financial records of the association.
It is the treasurer who creates and implements policies and procedures for managing the association’s finances. The treasurer determines which persons can make payment on behalf of the organization. They must make certain that all of the association’s directors, staff and members are aware of these procedures.
Keeping Financial Records
It is the treasurers’ responsibility to maintain all the records of the association’s revenues and expenses. They must also ensure that all the billing by contractors, suppliers or other professionals is accurate. All invoices must be checked thoroughly by them before the payment is made.
Investing for the Association
The treasurer plays a major role in determining the best investment opportunities and taking advantage of them for the interest of earning revenue for the association.
Collection of Payments
A treasurer should collect condo membership fees, any fines or any sort of financial payments as decided by the board of directors.
Filing of Income Tax Return
The board treasurer should be well aware of the association’s filing status and ensure that the tax returns are filed on a timely basis and that they are accurate.
Oversee Annual Audit
A condo board treasurer should be aware of auditing processes and should oversee them. They should also be well-prepared to answer any queries at the annual shareholders meeting regarding the audit report and overall financial matters of the association.
Preparation of the Association’s Budget
The treasurer plays an extremely vital role in the preparing of budget, alongside other directors of the association.
Most correspondence that is addressed to the condo board consists of bills and invoices; therefore it is usually more appropriate for the treasurer to handle all the mail, and distribute any posts that are intended for other association members on a timely manner.
Maintain the Member Directories and Mailing List
It is a treasurer’s responsibility to collect all membership dues from the condo members and a condo board treasurer is also among the major users of a member’s information. This is why it suits them if they maintain the member information and mailing lists.
Board treasurer duties are vast and a treasurer’s post is one that comes with a high level of responsibility and accountability. Just like a business, the success of an association depends greatly on how well its balance of expenses and income is maintained.