TammyC3 (New Mexico)
Posts: 102
Posts: 102
Posted:
Hello AGAIN!!
Annual meeting held. We survived! Long time treasurer is GONE (much like 15% of our revenues)! But I digress.
During our annual meeting, suspicions were confirmed. The 'signers' on the association's out of state account have not been updated for a decade! People who have sold and moved away are still signers on the account.
**5 months ago the board motioned to move account from Arizona to New Mexico and *(out of state)treasurer was to send check made out to the association to open new account. This did not occur.
**Treasurer and past president advise they recently (after the BoD asked who the signers on the account were) tried to remove these past signers but they must provide documents .... that they don't have.
The Board will elect officers at the "first board meeting after the annual meeting". A new treasurer will be elected. Past treasurer states as soon as she knows who the new treasurer is, she will issue check but won't send it through the mail because it 'might get lost', and suggests BoD open an account and then an 'electronic' transfer can occur. Unsure what funds she wants us to use to open this 'new' account!! (interesting that the check cut 10/2/19 for the venue to hold this year's annual meeting was 'lost' in the mail and still has not been received).
Questions:
1) How do we navigate through this without dragging the drama into the bank? The current BoD would like a check cut to open new account and once complete, treasurer can close Arizona account and send balance .. or remit electronically. I'm looking for the legal/no drama way to accomplishing this. How to keep it 'simple'?
2) How do we safeguard the reserve amount? The previous treasurer allowed monies to accumulate as "savings" that are not defined or designated. When opening a new account, we must set up a 'reserve' account. It would relieve my anxiety if 'reserves' are separated from the general fund and not 'easily' available. Suggestions?
Although we've halted the losses under the past treasurer (improper billing of assessments to friends a.k.a the developer). We feel a great responsibility toward safeguarding monies from any abuse. We consider 3 signers & two signatures required, but (large national) bank cannot 'guarantee' that they won't clear a check only signed by one person?!!?
I'm 8 months new to this adventure and most time has been spent bringing the association into compliance. There is NO guidance in statute or docs that address this problem.
I sincerely appreciate all guidance and advice.
Annual meeting held. We survived! Long time treasurer is GONE (much like 15% of our revenues)! But I digress.
During our annual meeting, suspicions were confirmed. The 'signers' on the association's out of state account have not been updated for a decade! People who have sold and moved away are still signers on the account.
**5 months ago the board motioned to move account from Arizona to New Mexico and *(out of state)treasurer was to send check made out to the association to open new account. This did not occur.
**Treasurer and past president advise they recently (after the BoD asked who the signers on the account were) tried to remove these past signers but they must provide documents .... that they don't have.
The Board will elect officers at the "first board meeting after the annual meeting". A new treasurer will be elected. Past treasurer states as soon as she knows who the new treasurer is, she will issue check but won't send it through the mail because it 'might get lost', and suggests BoD open an account and then an 'electronic' transfer can occur. Unsure what funds she wants us to use to open this 'new' account!! (interesting that the check cut 10/2/19 for the venue to hold this year's annual meeting was 'lost' in the mail and still has not been received).
Questions:
1) How do we navigate through this without dragging the drama into the bank? The current BoD would like a check cut to open new account and once complete, treasurer can close Arizona account and send balance .. or remit electronically. I'm looking for the legal/no drama way to accomplishing this. How to keep it 'simple'?
2) How do we safeguard the reserve amount? The previous treasurer allowed monies to accumulate as "savings" that are not defined or designated. When opening a new account, we must set up a 'reserve' account. It would relieve my anxiety if 'reserves' are separated from the general fund and not 'easily' available. Suggestions?
Although we've halted the losses under the past treasurer (improper billing of assessments to friends a.k.a the developer). We feel a great responsibility toward safeguarding monies from any abuse. We consider 3 signers & two signatures required, but (large national) bank cannot 'guarantee' that they won't clear a check only signed by one person?!!?
I'm 8 months new to this adventure and most time has been spent bringing the association into compliance. There is NO guidance in statute or docs that address this problem.
I sincerely appreciate all guidance and advice.