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.