Treasurer Not a Board Member?

Started by DavidW5 • 5 replies • 1873 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

DavidW5 (North Carolina)
Posts: 565

Posted:

Do any of you have experience with the association treasurer not being a board member?

Our governing documents allow for that possibility. I am currently the chairman of our finance committee. We have a board election (for three of the 7 board members) coming up in May. It appears that only two candidates will be on the ballot.

Several board members approached me about the possibility of accepting a nomination from the floor at the annual meeting with the expectation that the board would then designate me as treasurer.

I have no desire to be on the board. I have told them that I would accept the title of treasurer as a non-board member and also remain as chairman of the finance committee.

Several current board members apparently feel that it would not be proper to have a single individual be both treasurer and chairman of the finance committee. I don't see what problem that would present but I am interested in hearing your opinions on this. I am also looking for any caveats I should be aware of before accepting such a position.

TimB4 (Tennessee)
Posts: 21,059

Posted:

David,

As you know, Officers and Directors are two different positions.

Unless your governing documents require a specific office to be filled by a Director, or put other limitations on the office, then anyone may be appointed as an Officer by a majority vote of the Board.

My Association's Secretary is not a Director.
We also hire an independent contractor to perform bookkeeping duties (not to act as Treasurer).
Both attend all board meetings and provide reports.

Unless the Finance Committee is the check an balance of the Treasurer, I think it would be appropriate for that committee to be chaired by the Treasurer. If it is a check and balance of the Treasurer, then the Treasurer should still be a member of the committee but not it's chair.

What are the duties of your finance committee?

Tim

CarolR11 (Colorado)
Posts: 2,563

Posted:

Our bylaws & state law also permit non-board members as officers and, due to a director's resignation, a non-director served as treasurer for a couple of months till we could finally persuade her to join the Board.

The Finance Committee charter states that the treasurer chairs the Finance Comm. I'm not sure why you shouldn't do the same, David. In that case, though, it seems that the Board would want a director on the committee or as a Board Liaison to the committee.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Some bylaws state that the VP is the chair of the Finance Committee and that the treasurer be an exoffico of that committee (no vote)

I don't think you should - for your own protection - be the chair and the treasurer. Put some distance between the two positions.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Our Bylaws say any two or more officers may be held by the same person, except the officies of President and Secretary.

BruceF1 (Connecticut)
Posts: 2,535

Posted:

It all depends on the bylaws.

Our bylaws require that only the president and vice-president be directors. The secretary and the treasurer do not have to be directors, or even homeowners. These positions can also be compensated, so it leaves open the possibility of hiring someone to fill these two positions if necessary.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here