How often should there be a treasurer's report?

Started by JanineR • 17 replies • 499 views

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JanineR (Tennessee)
Posts: 259

Posted:

Good evening
What is typical for a treasurer's report?
Monthly or quarterly?
140+ units.
Thanks in advance!

TimB4 (Tennessee)
Posts: 21,059

Posted:

One at each board meeting.

If they meet monthly, then monthly reports.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Janine

Typically an accounting system will automatically prepare monthly reports. Do you use such?

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Janine

Typically an accounting system will automatically prepare monthly reports. Do you use such?

BenA2 (Texas)
Posts: 1,273

Posted:

We have a treasurer's report at each monthly meeting.

JanineR (Tennessee)
Posts: 259

Posted:

The PM has software.
We get a Balance Sheet and Income/Expense report most months.
But not always a treasurers report.

BOD meet monthly at a minimum.

SheilaJ1 (South Carolina)
Posts: 291

Posted:

Not required by bylaws or any law.

So zero.

Don’t see the point in reports, boards deny their accuracy all the time but point to them for some sort of validation that things are running smooth.

Just pointless. Okay for large HOA’s but it’s just an educated guess report.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Quote:

Posted By JanineR on 02/23/2021 9:42 AM
The PM has software.
We get a Balance Sheet and Income/Expense report most months.
But not always a treasurers report.

BOD meet monthly at a minimum.

Not sure what you expect from a Treasurers Report. As Treasurer, I review the PM's Monthly Report (over 40 pages long) and it if I like what I see, I report all is well. If something out of the ordinary occurs (like a one time expense) I will draw it to the BOD's attention. I then open it up for questions.

We do not have scheduled BOD Meetings. We have one when the BOD thinks we need one. Any owner, at any time can request a copy of the report and it will be Emailed to them, less the names of those delinquent. At the Annual Meeting we present the first few pages of the report which will be Year End Reports for Profit and Loss, Balance Sheet, and Year to Date. We then answer any questions.

JanineR (Tennessee)
Posts: 259

Posted:

The treasurer report we sometimes receive includes status of our sba loan.
What large expenses are going to be approved.
And a discussion of the $10million dollar insurance claim we have right now that does not show up in the income and expense report.
Currently $6mil has come in from insurance and the GC is already at $9mil of work.
Ouch.
Those numbers don't show anywhere else.

BenA2 (Texas)
Posts: 1,273

Posted:

Quote:

Posted By SheilaJ1 on 02/23/2021 10:16 AM
Not required by bylaws or any law.

So zero.

Don’t see the point in reports, boards deny their accuracy all the time but point to them for some sort of validation that things are running smooth.

Just pointless. Okay for large HOA’s but it’s just an educated guess report.

How does your board know what is going on financially without reports? There should be no guess work. It's simple math.

CathyA3 (Ohio)
Posts: 6,299

Posted:

Quote:

Posted By BenA2 on 02/23/2021 10:37 AM

How does your board know what is going on financially without reports? There should be no guess work. It's simple math.

Yeah, it's scary that someone believes that finances are an "educated guess". Unless we've been trolled. At the very least the bank is going to provide a monthly statement so that you can see what has been deposited and what checks have cleared. It's not possible to do business without such a thing.

Gonna pick my jaw up off the floor and get on with my day...

SheilaJ1 (South Carolina)
Posts: 291

Posted:

Reports have zero value, your talking about statements, different thing.

If the treasurer tells me the corporation has a certain equity value, it’s just their guess based on subtracting reserves, cash in hand etc. it’s just a guess. Good for big HOA’s not for small. It’s surprising how many HOA’s spend $10k a year on someone to write a report with estimated balance sheets with only a few vendors to deal with. Absurd. Audits are probably more important but even those are just a guess.

SheilaJ1 (South Carolina)
Posts: 291

Posted:

Quote:

Posted By CathyA3 on 02/23/2021 10:57 AM

Posted By BenA2 on 02/23/2021 10:37 AM

How does your board know what is going on financially without reports? There should be no guess work. It's simple math.

It’s scary to think that someone believes they’re not an educated guess.

Are monthly reports audited? No
Are reports voted on? No
Are they approved as accurate? No

Bring those reports to when they really matter and most professionals will eat them up and show so many holes in them.

AmyT1 (California)
Posts: 14

Posted:

Question: One year our annual budget matrix came out. Line item detail showed "pest control". In 2015 it showed $2,000.00. In the 2016 column right across from it it stated $20,000.

I only noticed it when I requested help removing black widows from my roof. Mgmnt Co. stated we had no specific coverage for 'black widows". I emailed back, noting I considered them 'pests', and also pointed out the very large increase in our 2016 budget, specifically for 'pests'.

I got back crickets.

Which btw are probably also considered pests ha ha.

Budget was signed off as approved. Forgive my ignorance, but are annual budgets supposed to balance? In the years since, our pest control allowance has gone back down to the $2,000.00 range.

JohnT38 (South Carolina)
Posts: 1,631

Posted:

Quote:

Posted By AmyT1 on 02/23/2021 1:23 PM
Question: One year our annual budget matrix came out. Line item detail showed "pest control". In 2015 it showed $2,000.00. In the 2016 column right across from it it stated $20,000.

I only noticed it when I requested help removing black widows from my roof. Mgmnt Co. stated we had no specific coverage for 'black widows". I emailed back, noting I considered them 'pests', and also pointed out the very large increase in our 2016 budget, specifically for 'pests'.

I got back crickets.

Which btw are probably also considered pests ha ha.

Budget was signed off as approved. Forgive my ignorance, but are annual budgets supposed to balance? In the years since, our pest control allowance has gone back down to the $2,000.00 range.

You should post this as a separate question so the original OP's post does not get hijacked.

AmyT1 (California)
Posts: 14

Posted:

oops. Sorry.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Amy,

You can start a new topic by clicking on the words "add new topic" just above the list of discussions.
It's not that obvious and easily overlooked.

Regarding your question, typically Condominiums would worry about termites, perhaps rodents and roaches vs. other pests.
A can of bug spray should do the trick for your situation.
Might take a couple of applications.
If it's out of your reach, the wasp/hornet spray will work and spray farther.

TimB4 (Tennessee)
Posts: 21,059

Posted:

Quote:

Posted By JanineR on 02/23/2021 9:42 AM

We get a Balance Sheet and Income/Expense report most months.