Quote:
Posted By GeorgeS19 on 07/07/2016 12:21 PM
The Treasurer of our HOA in Florida has been using his personal software (Peachtree 1998) for our HOA Accounting. When the new treasurer was elected (who subsequently resigned within a month) asked for a copy of the backup so he could do his job, the old Treasurer said that the software he was using was no longer supported and did not know what how a backup would help the new treasurer and therefore never gave him the backup he requested. (so he resigned). Is there any statute that requires the accounting software used by an HOA to belong to the HOA? I have looked at Florida Statute 720, and can't seem to find anything referencing it. Can anyone help me?
If you get a current version of Quicken or Quickbooks or even the free Mint that is online, you should be able to download past records from your bank, maybe not since 1998 but you will be able to get the bank deposits and expenditures, just to get you started. Check with your bank to see what software programs they play nice with. The bank should be able to give you the monthly statements and if you call their tech support they might even be able to give you the records in the software format. I will tell you that even though my HOA has always had a property management company do our bookkeeping, we have changed companies several times in the past 15+ years and we do not have all our records. We have sporatic printed statements depending on who was on the board at the time. If you are trying to do some forensic accounting, you may have a difficult time but it may not be impossible. But for a new treasurer, the current statement should be a good starting point.
Per 720, the official records must contain:
(j) The financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:
1. Accurate, itemized, and detailed records of all receipts and expenditures.
2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due.
3. All tax returns, financial statements, and financial reports of the association.
4. Any other records that identify, measure, record, or communicate financial information.
Do you think you can assemble official records 7 years back? That is all you really have to worry about.