Tresurer not giving reports?

Started by MaureenM5 • 3 replies • 1473 views

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MaureenM5 (Washington)
Posts: 9

Posted:

Hello All,

Anyone heard of a paid Book Keeper (paid resident/contractor)giving a "Book Keeper's report" but, not the Treasurer at their regular HOA Meetings?

The Tresurer just sits there every meeting and says nothing. This person also has ZERO clue on anything financial.... What is a homeowner's recourse in a meeting if the "Book keeper" is out of town and the BoD says, "Sorry no financial report". But, this person is the only one who knows the financials (by BoD choice..their buddy) and is out of town?

This seems crazy. New owners cannot close on their homes and homeowners cannot get straight answers on any reserves or budget items. Like potential pet board projects...."remodel projects."

Thanks,

M

GlenL (Ohio)
Posts: 5,491

Posted:

RCW 64.38.045
Financial and other records — Property of association — Copies — Examination — Annual financial statement — Accounts.

(1) The association or its managing agent shall keep financial and other records sufficiently detailed to enable the association to fully declare to each owner the true statement of its financial status. All financial and other records of the association, including but not limited to checks, bank records, and invoices, in whatever form they are kept, are the property of the association. Each association managing agent shall turn over all original books and records to the association immediately upon termination of the management relationship with the association, or upon such other demand as is made by the board of directors. An association managing agent is entitled to keep copies of association records. All records which the managing agent has turned over to the association shall be made reasonably available for the examination and copying by the managing agent.

(2) All records of the association, including the names and addresses of owners and other occupants of the lots, shall be available for examination by all owners, holders of mortgages on the lots, and their respective authorized agents on reasonable advance notice during normal working hours at the offices of the association or its managing agent. The association shall not release the unlisted telephone number of any owner. The association may impose and collect a reasonable charge for copies and any reasonable costs incurred by the association in providing access to records.

(3) At least annually, the association shall prepare, or cause to be prepared, a financial statement of the association. The financial statements of associations with annual assessments of fifty thousand dollars or more shall be audited at least annually by an independent certified public accountant, but the audit may be waived if sixty-seven percent of the votes cast by owners, in person or by proxy, at a meeting of the association at which a quorum is present, vote each year to waive the audit.

(4) The funds of the association shall be kept in accounts in the name of the association and shall not be commingled with the funds of any other association, nor with the funds of any manager of the association or any other person responsible for the custody of such funds.

Studies show that 5 out of 4 people have problems with fractions

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Our Paid bookkeeper was considered our Treasurer. Sure we could elect that position as it is mentioned by the documentation to have a Secretary, Treasurer, Vice-President, and President. However, that position would haven been nothing more than a "figure head".

Like in our case, the treasurer pretty much was another board member but with title. It's no big deal if they don't do anything because that area is handled by a contractor instead of that position. Maybe suggest that from now on the contractor is considered the "Treasurer" position. If it is a resident, then they still have a right to vote and such. However, if it is a non-member arrangement then they don't have the right to vote on decisions. It's just best they stay with the financial reporting. It shouldn't matter much not having that treasurer vote either way. The President can veto ideas and break a tie. However, they can be out voted by 2/3rd's vote if necessary.

Former HOA President

SusanW1 (Michigan)
Posts: 5,202

Posted:

Some groups do present quarterly reports.

In any case, it IS the treasurer's duty to report to the board.

So they should direct the bookkeeper to provide some kind of report, at least a Balance Sheet.

With computers and email, there is no excuse for not having something to report.

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