FINANCIAL REVIEW CHECKLIST

Started by RichardT8 • 3 replies • 3534 views

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RichardT8 (North Dakota)
Posts: 1

Posted:

I along with 2 other resident/owners have just been appointed as a Finance Committee by the BOD. Our mission is to review the Association's financial records and issue a report to the BOD prior to their January 2011 board meeting. Can anyone either post or provide a weblink to a comprehensive checklist of items that should be examined in a Financial Review. At least one of the Committee members has a Financial background but not necessarily in performing such reviews. A checklist of items to be examined would be very helpful.

Thanks in advance.

SusanW1 (Michigan)
Posts: 5,202

Posted:

I'm sure others will have sources, but I'd include:

attachment of financial reports in the minutes of the meetings.
verfication of annual report and IRS forms filed in timely manner.
verfication of motions for expenditures
bidding process adhered to, as outlined in documents
budget formulated and passed in timely order
monthly reports to the board to its satidfaction
report to the Members at annual meeting
verfication of all accounts against latest report (Balance Sheet reconcilation)

TimB4 (Tennessee)
Posts: 21,059

Posted:

verification of a reserve study being done and if it is being followed.

Recommendations

JamesG (Connecticut)
Posts: 83

Posted:

Maybe the attachment will help.

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📄11027253361571.pdf(21 KB)

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