JohnB86 (South Carolina)
Posts: 2
Posts: 2
Posted:
Is the President/Treasurer (same person) required to show the invoices for all expenditures with other board members?
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Is the President/Treasurer required to show the invoices for all expenditures with other board members?
Started by JohnB86 • 4 replies • 794 views
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TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
That would be up to the Board.
Typically, that would be an internal policy.
However, as a member, you should have a right to view all of those documents anyway upon request.
This is part of the reason we have a two signature requirement on the checks. The second signature won't sign without seeing the invoice.
Typically, that would be an internal policy.
However, as a member, you should have a right to view all of those documents anyway upon request.
This is part of the reason we have a two signature requirement on the checks. The second signature won't sign without seeing the invoice.
DouglasK1 (Florida)
Posts: 2,046
Posts: 2,046
Posted:
It can also be up to state law. In Florida all members have a right to inspect pretty much all records with very limited exceptions. I'm not sure if SC has similar laws or not. In any case if this went on I would be letting members know and working towards changes during next election.
Escaped former treasurer and director of a self managed association.
JoyceR2 (Virginia)
Posts: 156
Posts: 156
Posted:
How can all board members show fiduciary responsibility if they are not all privileged to review all financial transactions? Is the board voting (majority) to approve work? Do you have a limit on the President/Treasure regarding how much they can pay on their signature?
No managing agent for this community?
No managing agent for this community?
SueW6 (Michigan)
Posts: 814
Posts: 814
Posted:
There are always those "fixed" expenditures (heat, light, etc.) that would be in the annual budget to pay and don't need much explanation at a board meeting. They
should be showing up on the monthly financial report.(Y-T-D actual vs. budget)
However, if there are other expenditures of larger amounts, there either should be a motion to pay (after the bidding process is gone thru) in the minutes of the meeting (landscaping, construction, etc)
Any audit would follow the money backwards - from the checking account back to the minutes, where there should show motions made and passed to spend larger amounts.
You sound like you are a small complex and have something specific in mind. If you don't have a paid manager, then it's your president/treasurer making those day-to-day decisions.
Is there something in particular that is bothering you about certain expenditures?
should be showing up on the monthly financial report.(Y-T-D actual vs. budget)
However, if there are other expenditures of larger amounts, there either should be a motion to pay (after the bidding process is gone thru) in the minutes of the meeting (landscaping, construction, etc)
Any audit would follow the money backwards - from the checking account back to the minutes, where there should show motions made and passed to spend larger amounts.
You sound like you are a small complex and have something specific in mind. If you don't have a paid manager, then it's your president/treasurer making those day-to-day decisions.
Is there something in particular that is bothering you about certain expenditures?
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