A Guide to Simplifying Financial Oversight for Board Members
Essential Financial Reports for HOAs and Condo Communities
Managing the financial health of a homeowners association (HOA) or condo community can be overwhelming, especially with the myriad of reports that come with the responsibility. This guide highlights the four most crucial financial reports that every board member should review regularly. By focusing on these key reports—Aged Delinquency, Comparative Income & Expense, Balance Sheet, and Bank Reconciliation—you can ensure effective oversight, safeguard community assets, and make informed decisions. Simplify your financial oversight duties with this essential guide, designed to help you fulfill your fiduciary responsibilities with confidence.
In this ebook you will learn about:
Key Financial Reports:
Focus on Aged Delinquency, Income & Expense, Balance Sheet, and Bank Reconciliation for effective financial oversight.
Fiduciary Responsibility:
Regular review of these reports helps protect association assets and ensures sound financial management.
Simplified Oversight:
Concentrating on these four reports reduces information overload and makes decision-making easier for board members.
Download the Article Now to learn about essential financial reports
Know your reports!
- Aged Delinquency Report: Tracks who is behind on payments and helps you take timely action to prevent financial shortfalls.
- Comparative Income & Expense Report: Compares actual expenses to budgeted amounts, highlighting variances that need attention.
- Balance Sheet: Provides a snapshot of assets, liabilities, and reserves, essential for understanding your community’s financial standing.
- Bank Reconciliation Report: Ensures that your records match the bank statements, helping detect discrepancies and prevent fraud.
