Treasurer's Oral Report at Meetings-How Much info?

Started by CarolR11 • 4 replies • 1385 views

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CarolR11 (Colorado)
Posts: 2,563

Posted:

Our (excellent) treasurer presents an oral report at our regular monthly meetings of the board. She reads it and includes many items that are "over budget for the month, but under for the year." This has been typical at our HOA for a long time

As president, I hope that her report can be shortened. It seems to me that we and our HOA members who attend only need to hear a few numbers like % delinquency, $ amt. under/over budget thus far in the fiscal year, monthly contributions to reserves. Balance in reserves and perhaps one or two others. I admit that finances are my weakness. (The other data can be seen by directors in her written report.)

What info does the treasurer include in your HOA's monthly oral reports?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Our Treasurer goes over the written income/expense report identifying what you mentioned. Rather then percentages, the board is informed of the actual number of lots that are behind in assessments and how far behind ( x lots are 30 days behind, x lots are 60 days, etc.).

Basically they point out the highlights (which is what you mentioned)within the written report.

PetunkaM (Florida)
Posts: 1,009

Posted:

Carol,

Our treasurer does about one minute worth unless there is an unexpected expense or a problem with collecting dues. There is however a semi-annual budget review which is discussed in detail. I know, all these numbers can become quite boring.

DavidW5 (North Carolina)
Posts: 565

Posted:

As chairman of the finance committee, I give the financial report at the board meetings. Here is the text of what I reported last month:

These figures are based on the July 2011 report.

As of July 31, 2011 the association held CD’s with a value of $2,211,162 and money market accounts with a value of $473,976. Cash on hand was $75,289. Replacement reserves totaled $2,164,107. Two CD’s totaling $307,562 matured in the past two weeks. (Management agent) is in the process of placing those funds into a new CD and a money market account with Eagle Bank, which is offering the most favorable rates available at this time.

In addition funds in the amount of $284,900 which were received from (declarant) in settlement of transitions issues are not included in the July reports. The settlement funds have been deposited in a separate account and will be included in the August reports.

Delinquent assessments stood at $47,733 an increase of $1,625 from the July month end. There were 13 homes with delinquencies of over $1,000. These figures do not include a reduction of $9,900 in delinquencies that will result from the (declarant) settlement and will be booked in August.

Through the month of July total association income was $1,315,613 and total expenses were $1,161,415 giving a surplus balance of $154,198. Those expenses were $198,138 less than the expenses planned in our budget through this period and income was $11,803 greater than planned, giving a net surplus of $209,941.

The finance committee is working hard on the preparation of a draft 2012 budget for the board’s initial consideration in September. We expect to have an updated draft of the new reserve study, incorporating our comments, shortly and the draft budget will provide for the reserve funding recommended in the study.

CarolR11 (Colorado)
Posts: 2,563

Posted:

Thanks everybody. As always, you all have been very helpful!

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