It is the board’s fiduciary responsibility to make sure the financial records are kept up to date and the budgeting is accurate. The treasure is in charge of overseeing the finances even if the association is professionally managed.
The treasure’s main responsibilities include, but may not be limited to:
- Keep the books: Keeping accurate records on where the association’s funds are being spent is imperative so homeowner’s know where their money is going. Also, without accurate records, the board may overspend.
- Audit expenses: Some states require an association to do a financial review, which usually means a standard audit. The treasurer should collect all the documents and hire a certified public accountant if needed.
- Inform the board: The treasurer should keep the board informed on how dues collections are going and how much money is left to spend.