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FranD (Georgia)
Posts: 102
Posted:
Can anyone tell me what the responsibilities of the Treasurer is when you already have a management company that does most of the work.
DonnaS (Tennessee)
Posts: 5,671
Posted:

Fran,

Duties of the Treasurere are to WATCH!!! what the Management company is doing with your funds. To work on and maintain the budget, to sign checks that are paid out, and anything concerning your financials is your responsibility.
FranD (Georgia)
Posts: 102
Posted:
This is what I used to do is watch and check their reports. Usually found things and inquired and made sense then. I asked so many questions about things no one else saw or read between the lines it surprised a lot of people. Most don't even take the time to look at the reports. Our management company writes all the checks, files the liens, sends out letters to delinquent members, file taxes and everything else. They assist us with rules and such when needed. My question I guess is "why do we need a treasurer" if all board members get the same reports to look over. No need for a treasurer, see what I mean...
DonnaS (Tennessee)
Posts: 5,671
Posted:

Fran,

Chances are that your Incorporation documents require a Secretary as an officer. But if you have been doing your job as it sounds like you have, then you answered yourself. There can never be too many checks and balances when handling the large funds of your HOA.
SusanW1 (Michigan)
Posts: 5,202
Posted:
Who is signing the tax forms?
Annual report?
FranD (Georgia)
Posts: 102
Posted:
Our management company takes care of all that. We the homeowners do not do any financial filing or taxes of any kind. We pay them to take care of all this. We have 3 positions filled (Pres, Sec, Social chairman - treasurer stepped down, we have an old pres that stayed on board as advisor to board and 2 members at large with no titles.
MaryA1 (Arizona)
Posts: 7,043
Posted:
Fran,

Susan asked who signs the tax returns and the annual report. Even if the mgmt co prepares these forms, the Pres should be signing them. Does the board even look over these documents, the financials, etc?
FranD (Georgia)
Posts: 102
Posted:
Ok now I see. If anyone signs off on these, the board doesn't cause I have never know about doing so. So if the President signs off on these, is this legal without sharing with rest of board?
JohnB26 (South Carolina)
Posts: 1,569
Posted:
Look up the term:

Fiduciary Duty
MaryA1 (Arizona)
Posts: 7,043
Posted:
Fran,

I don't believe the Pres would need the board's permission to sign the tax return and/or the annual report. It's not unusual for this to be a duty of the Pres. However, the board should be aware that these returns have been filed and duly signed by the Pres. I don't think the prop mgr should be signing these reports or any other documents of the HOA.
AnnaD2 (Florida)
Posts: 960
Posted:
Donna said it best when she said the duty of the treasure is to WATCH!.

When I was elected to our board six years ago the other members asked me if I wanted to be treasurer. My question was, "What do I have to do?" Three people, all at once, (two board members AND our property manager) all said, "NOTHING". I laughed and said, "Oh, I can do THAT."

I took the position very seriously and started going over all the financials with a fine-toothed comb. I realized that even though the other board members (for years) never even read the monthly financials just "assuming" that the management company was responsible for "all that stuff."

I questioned and reviewed all the current (and some past) transactions for the association. I discovered that the management company could not produce records nor proof for things they were billing us for. I found out that our maintenance employee (husband of our president) was falsifying his time sheets. I discovered that a past president had used association funds for her personal use.

Long story longer---none of those board members are still serving; our maintenance man is gone and our property management company was fired. We now have a good strong board who is aware of our finances; we have a management company who is VERY forthcoming with every financial transaction we handle; and as the treasure I keep the members abreast as to what is going on with THEIR money.

So yes--the treasurer can be a VERY vital board member---and don't let anyone tell you differently~
FranD (Georgia)
Posts: 102
Posted:
Wow that was interesting reading I will use - thanks
FranD (Georgia)
Posts: 102
Posted:
This is great. Finally who says what I have experienced too. I take my position very seriously and when someone doesn't follow the Covenant, I question why? We have a great financial company cause I monitor it monthly and all is correct. Once in a while they make a minor mistake and they change it without hassle. We have had so many past board members that just make up their own rules as they go that now, it is hard to make other HOA members believe us now but we are trying to turn it around. It will get bad before it gets better but I have confidence when we vote again in July things will change with new board - I just have to make sure I get on it again...

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