PM against HOA Treasurer position

Started by RichardB10 • 6 replies • 1284 views

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RichardB10 (New York)
Posts: 20

Posted:

For 7 years our HOA has not had a Treasurers position filled as a
specific position on the board. I have said repeatedly that this position should be filled but the PM who directs the President like a puppet asks if
I am trying to put her out of a job. Now my question is why would she try to prevent this position from being filled? Just as a small matter of interest our approved budget for garage lights for less than 60 units has gone from $200.00 in 2006 to $1300.00 for the 2008-2009 year. Our true cost is less than $200.00. Any comments would be welcome.

GeorgerwilliamsW (Indiana)
Posts: 975

Posted:

If your homeowners association is incorporated, which most are, statues (in most states) require that you have a treasurer, secretary and president (although you can have a secretary/treasurer, or a president/secretary, but not a president/treasurer). To not have a treasurer could lead to a disgruntled party filing for receivership or conservancy of the corporation, taking the association out of the hands of the member's.

I urge you to seek competent legal advice about your situation. This is not a trivial matter.

RogerB (Colorado)
Posts: 5,067

Posted:

Richard,
Just because the PM does the accounting and many other functions of the Treasurer is no reason not to have a Treasurer. The Treasurer should be signing checks and monitoring all accounting activities performed by the PM. Follow your Bylaws and state nonprofit act if the Bylaws are silent on having a Treasurer.

RichardB10 (New York)
Posts: 20

Posted:

Thanks roger. Will look into the state non profit act.

DonnaS (Tennessee)
Posts: 5,671

Posted:

I agree, most likely, your NON PROFIT CORP laws should require that the association or more specifically, the BOD is required to have a Treasurer as an officer of the association. Your AArticles of Inc will state so and to not have one is illegal for the Corp. This can be appointed by the Board if you feel that this Board could do it without charges of having a personal agenda to fill. Or if elections are nearby, get some candidates lined up. Either way, you must have one seated on your Board.

KirkW1 (Texas)
Posts: 1,665

Posted:

As a note, our treasurer has no direct access to our funds. Our PM company does all of these functions with bonded employees. The Treasurer looks over the monthly financials. He also spent a good amount of Time working on the budget.

RichardB10 (New York)
Posts: 20

Posted:

Thanks for info kirk. I know treasurer does not need to be a cpa but going over the nos does help the HO IMHO.

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