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Are you the Treasurer at your condo community or homeowners’ association (HOA)?  One Treasurer of a professionally managed community I spoke with spends 20 hours a month on this volunteer role. You are not paid, most unit or homeowners don’t know what you do or appreciate how much time it takes.  If owners do know who you are they may not have good feelings towards you because “you” raised their common charges or charged them late fees.  At least one Treasurer told me her New Year’s resolution is to spend less time on condo & HOA volunteer work.

Monthly responsibilities of a self-managed community Treasurer include:

Send out owner payment statements

Handle owner payment questions

Open mailed owner payments

Track owner payments in an accounting system

Write up deposit slips

Take deposits to the bank

Apply late fees to owner accounts

Handle non-sufficient fund payments

Follow up with late paying owners

Update board on late payers and start collection action

Liaise with collection agency or attorney on late payers

 

Open received vendor bills

Data enter vendor bills into an accounting system

Pay vendors and track payments in accounting system

Properly code the vendor bills for more accurate reporting

Handle vendor payment inquiries

Track vendor insurance expiration dates

Provide year end 1099s for vendors

 

Create financial reports

Create annual budget

Show variance between budgeted and actual expenses

Explain financial reports to board and owners as required

Liaise with accountant to prepare tax returns and audits

Even if your association is not self-managed the Treasurer will handle many of these duties as well.  Plus there is potential liability presented by errors in the financial reports or in handling delinquent payers incorrectly (liability is another reason I hear Treasurers and Boards want to offload these activities).  Is it any wonder some condo or HOA’s Treasurer’s New Year’s resolution is to spend less time on condo & HOA volunteer work?

Help is Available

Along with the tasks listed above, Community Financials can fulfill additional financial and administrative duties to make the Board’s job easier.  With our support, Board Members can spend time focusing on larger community issues, enjoy more time with family, spend time on hobbies or just relax.  What will you do with your extra time?

To learn more about our services or get a price quote schedule a consultation with Community Financials.