How quickly do you get financial reports

Started by ChrisP5 • 6 replies • 1573 views

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ChrisP5 (Missouri)
Posts: 165

Posted:

I am curious as to how quickly your management company provides your monthly financial reports to the board? At a minimum how far in advance of the board meeting do you recieve reports? What do you consider a reasonable time frame for this?

I am the treasurer of our association and still haven't seen the financial reports for February. Our board meets this week which pretty much means that if I have any questions/issues with the report, accpeting the reports gets tabled for a month while I work with the MC on the issue.

I understand that these reports take time to prepapre and do NOT expect them within 2-3 days after the close of the month or anything crazy like that. If you are just going to say I am micromanaging save it, I am simply looking to see what the norm is for other groups. If we are similar to everyone else I will be fine with that.

LoriL1 (Florida)
Posts: 78

Posted:

Our management/financial reports for the previous month are provided on the 15th of the following month, per our contract.

AnnaD2 (Florida)
Posts: 960

Posted:

Chris--ours are ready after the 20th of the month....which reminds me; today is the 23rd---time for a "reminder" e-mail which means I'll probably receive them by the end of the day.

As a treasurer I undertand your frustration. My treasurer reports are usually reported a month LATER, simply because they do tend to run behind our meeting dates. To me it's usually no biggie---unless I'm trying to keep up on the delinquencies.

RogerB (Colorado)
Posts: 5,067

Posted:

Chris, we provide monthly financial reports within 2 days after the end of each month.
We provide Board packets 3-5 days prior to Board meetings.

GlenL (Ohio)
Posts: 5,491

Posted:

Chris unless your MC enters things into a paper journal by hand then the reports should be available within a day or two after the month closes. Our meetings are the first Thursday of the month which sometimes even falls on the first and the MC is there with financials which are handed out to the homeowners in attendance. The MC emails the financials to the BOD when they’re done.

Studies show that 5 out of 4 people have problems with fractions

DeeS1 (Michigan)
Posts: 223

Posted:

Our old MC provided them by the 20th of the following month per contract (established by the developer). Our new MC typically provides them by the 2nd or 3rd of after month-close -- but our contract stipulates by no later than the 15th.

Check your contract. It should be spelled out there. Also, try to have a conversation with the site's project manager and ask if it is possible to have them at least 2 or 3 days prior to your regular monthly meeting ... they might be able to bump you up on the completion list if they know you are interested.

HB (Oregon)
Posts: 143

Posted:

Quote:

Posted By ChrisP5 on 03/23/2010 7:35 AM
I am curious as to how quickly your management company provides your monthly financial reports to the board? At a minimum how far in advance of the board meeting do you recieve reports? What do you consider a reasonable time frame for this?

I am the treasurer of our association and still haven't seen the financial reports for February. Our board meets this week which pretty much means that if I have any questions/issues with the report, accpeting the reports gets tabled for a month while I work with the MC on the issue.

I understand that these reports take time to prepapre and do NOT expect them within 2-3 days after the close of the month or anything crazy like that. If you are just going to say I am micromanaging save it, I am simply looking to see what the norm is for other groups. If we are similar to everyone else I will be fine with that.

We normally get ours by the end of the following month. If it is for an annual meeting we get the prior months financials a few days prior to the meeting along with the Board packet.

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