The issue of handling money in a HOA calls for a dedication to the association’s treasury duties. Even though all Board members are responsible for the overall financial budget and expenditure of a HOA, the Treasurer of the board takes full responsibility. Is it their duty to ensure that all monies are well-spent and the association is in good standing with accounts always. Some of the most important duties a treasurer can be liable for are:
- Preparation of the Annual Budget and filing of taxes
The treasurer works together with the Hoa Manager to come up with an annual budget that caters to all the members’s needs, preferences, and values. They also ensure that all taxes are filed appropriately while working closely with the association’s auditor to ensure annual audits are done in time for the next budget.
- Records and funding control
The treasurer ensures all records concerning finances in the association are filed and well-kept either by themselves or the HOA manager. It is their responsibility to keep checking the records of accounts and inspect how funds are being used in the day-to-day expenses. Treasurers have a right to question any transactions that do not seem right in the HOA books.
- Investments and assessments
It is the responsibility of the treasurer to ensure that investments of an association are well-managed and that policies are being applied. Collection of assessments is also another area where the treasurer keeps a keen eye on delinquent payments from unit owners though collections are done by the management company in charge.
Insurance
HOAs need different covers of insurance and the treasurer is responsible for this. They find out the right insurance covers for the HOA and negotiate on behalf of the board for covers such as fidelity, worker’s compensation, accidents, and casualty that are likely to happen.
