Treasurer

Can anyone tell me what the responsibilities of the Treasurer is when you already have a management company that does most of the work.

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...

Who is signing the tax forms?
Annual report?

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?

Look up the term:

Fiduciary Duty

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~

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...