Community associations play a vital role in maintaining and enhancing the quality of life in their respective communities. At the heart of every community association is its board of directors, comprised of dedicated individuals who serve in various officer roles. In this article, we will delve into the responsibilities and functions of these officers, shedding […]
HOA Board Member Roles
As a homeowner in a community governed by a homeowners association (HOA), commonly referred to as a Community Association, you may be curious about the roles and responsibilities of the Board of Directors. The Board of Directors are elected by the association members to serve as their representatives and make decisions on behalf of the […]
A Guide To HOA Board Responsibilities
Serving on the board of a homeowner association is a high calling. Well meaning volunteers are elected to roles that are critical to the well being of the HOA. But what exactly is a board member supposed to do to fulfill this charge? Here’s a handy guide: Read the entire article……………………………….
Answers to common questions about HOA treasurer reports
HOA treasurers work to maintain the financial integrity of their association. Treasurers are largely responsible for managing the HOA’s money, as well as reporting the financial status of the association to other board members. Read the entire article……………………………….
Understanding the Board Treasurer Role and Best Practices
The board treasurer manages the association’s finances and must exercise prudent judgment with investments, evaluate the maintenance costs, and ensure that association funds are always protected. It is a crucial role that comes with large responsibility. While there are several nuanced aspects of the board treasurer position, the following can provide a foundational understanding of […]
What Do They Do? A Deep Dive Into the Roles of HOA Board Officers
Every homeowners’ association (HOA) is required to have an elected board of directors that acts on a community’s behalf. Often, there’s a misconception that all board members do is measure budget performance and create and enforce rules. Read the entire article……………………………….
The Role of Community Association Treasurer
Last, but certainly not least in our blog series exploring the roles of Association officers, we discuss the role of the Treasurer. Like the Association Secretary, the Treasurer may delegate many of the tasks for which he or she is responsible to the association’s managing agent; however, the Treasurer is ultimately responsible for ensuring that […]
HOA 101: Understanding the Role of the Board Treasurer
To function correctly, a homeowners’ association (HOA) must have a board of directors that’s authorized to act on a community’s behalf, create and enforce community guidelines, and maintain shared spaces. Generally, the HOA board has four officer positions: president, vice president, secretary, and treasurer. Each officer has specific duties and responsibilities related to the operation […]
Understanding An HOA Treasurer Report: What’s In It?
The Treasurer of an HOA has one of the most important jobs on the HOA board of directors. It is important for HOA board members to consider carefully who they will be recommending to their treasurer position given that the role will determine the liquidity of the HOA and how it makes its most important […]
Do You Know Who’s Who in Your Community Association?
You may be a member of a community association but not be familiar with all of the positions and responsibilities of each board member. Maybe you haven’t ever thought about who does what and who is responsible for different things within your community association board, but each member has a distinct role. If you want […]
Condo Smarts: Duplicate bill a reminder to check financial statements
Dear Tony: Our property manager asks us to approve the financial statements each month, and last month, our treasurer noticed there was a duplication for a bill from the previous three months. The error was tracked down to a simple accounting duplication that was resolved, but it did raise a topic at our council meeting […]
Safeguarding finances: 9 steps to prevent fraud and embezzlement in your HOA
Community associations fall victim to theft and embezzlement too frequently. Board members should know the warning signs and institute preventive measures before the community is left with a difficult recovery. Combining these safeguards should help to keep your association and homeowners from being victimized. Read the article……………………….
The Complete Guide to HOA Financial Statements
Managing the finances of a community association is one of the most difficult, and most important, responsibilities of an HOA board of directors. Preparing detailed HOA Financial Statements on a regular basis serves a multitude of purposes from providing insight for financial planning, promoting transparency between the board and residents, as well as being a […]
Understanding HOA Bank Statements
HOA bank statements are just as they sound: a statement from the bank showing all deposits and withdraws from each association account over a certain period of time. The most effective way to prevent fraud within your community association is to keep a close eye on bank statements. Most associations have at least two accounts: […]
Understanding an HOA General Ledger
The foundation to all HOA accounting is the general ledger. Much like your checkbook at home, the HOA general ledger keeps an ongoing record of all transactions made by the community association. All other financial statements such as the balance sheet, income statement, and statement of receivables are created based on the ledger. Read […]
What is an HOA Income Statement?
Unlike a balance sheet which shows a quick snapshot of HOA finances at a certain point, the income statement shows financial information over a period of time. Usually, the period of time is the rate at which you prepare your financial documents whether it be monthly, quarterly, or annually. The income statement is considered the […]
What is an HOA Statement of Receivables?
A statement of receivables, or accounts receivable statement, is a document that details the outstanding charges owed to the community association. This can be from sources such as overdue dues, vendor credits, late fees, or any other outstanding source of income. It is essentially a list of every account that still owes the HOA money. Read […]
How To Understand Your HOA Balance Sheet
The balance sheet in your HOA financial statement is the quickest and easiest way to get a feel for the financial strength of your community association. There are three parts to a balance sheet: assets, liabilities, and equity. Read the article……………………..
Condo and HOA Debit, Credit Card and Petty Cash Best Practices
Your community needs to make small purchases for minor day to day operations. What is the best way to accomplish this without a Board member spending his or her own money, or possibly risking fraud from improper controls around petty cash, debit, or credit card usage? First, some local supply stores may offer a purchase […]
HOA Board Roles and Responsibilities
It is common knowledge that homeowner associations have a board of directors, but the exact roles and responsibilities of the board are often misunderstood. Simply put, the board is responsible for running the association, occasionally with the assistance of an HOA management company. While the board may consist of 3-7 members as a whole, typically […]
The Importance of Being Treasurer
I attend a lot of annual meetings. When the re-elected or newly elected board of directors has its first meeting, there is a very large expectation gap between what many directors believe their job functions are and what they actually should be. If you look at the bylaws, it’s pretty clear. In many instances, the […]
All You Need to Know About Board Member Roles
Whenever new members are elected to serve on their Board of Directors, a new tone is set for the association. Each new Board member brings a dynamic to the meeting that sets the tone for the operation of the association. These new volunteers are, most of the time, homeowners who have a vested interest in […]
It Pays to Have an Extra Pair of Eyes on the Money (NY)
The Murray Hill Crescent co-op, a 21-story, 280-unit post-war building with a distinctive curved facade, is proof that committees can be an invaluable help to co-op boards. First came a makeover of the common areas, then a $1.3 million renovation project. Thanks to active shareholder committees – and a tight rein on its finances – […]
Budgeting in a Self-Managed Building Can Be Overwhelming
When Judy Levine was recruited as treasurer at 177-179 Duane Street in Tribeca in 1994, the board thought her day job – as executive director of Cause Effective, a nonprofit organization that helps other NPOs raise money – would give her a leg up. But when she started tackling her first budget for the self-managed […]
Five Qualities of a Good HOA Treasurer
One of the most important jobs on the board of a homeowners association is the position of HOA treasurer. The position is much more than a simple knowledge of how to manage finances, (although this is also important). There are many qualities of a treasurer that are are valuable, but we have put together a […]
A Guide To HOA Board Responsibilities
Serving on the board of a homeowner association is a high calling. Well meaning volunteers are elected to roles that are critical to the well being of the HOA. But what exactly is a board member supposed to do to fulfill this charge? Here’s a handy guide: Read the article………………
FAQs on HOA Board Member Roles and Responsibilities
The president leads the Board and is responsible for overseeing and handling many of its procedural duties. In order to succeed in this role, the Board president must be knowledgeable about the community’s CC&Rs and governing documents and understand how to run an effective meeting. He or she serves as the authority on all association […]
What Boards Should Know About Finances: Keeping Your Community in the Black
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the finances for an entire building or association is a major responsibility, and boards—even those made up with seasoned members—need to stay on top of their community’s performance. That […]
Clarifying Board Roles: Who’s On Board?
Chances are if you’re a resident in a co-op, condo, or HOA community, you’re familiar with your property’s board of directors (or trustees, or managers, depending on what part of the country you live in). Boards are usually made up of volunteers, or members appointed by the community’s initial developer, depending on the property’s age […]
The Importance of Being Treasurer
Taming the annual budget is just the beginning of this crucial job. To do this job, you don’t need to be a certified public accountant, or a math whiz. “To be a good board treasurer, you need somebody who’s got the time and the interest to dive into [an] understanding [of] the building’s financial issues,” […]
Know your Duty as HOA Treasurer: 6 helpful tips
Your HOA board is responsible for many important decisions, but one of the most important responsibilities is maintaining the financial health of the association. Although each board member needs to participate in sound financial decision-making, no one is more responsible than the HOA treasurer. It is the treasure’s responsibility to protect the association’s assets, and […]
9 Tasks of an HOA Board Treasurer
All members of the HOA board are responsible for the Association’s overall financial health; but the treasurer has specific duties to protect the Association’s assets. These duties—and the authority to exercise them—are found in the homeowners association’s governing documents and also in state laws. Read the article…………..
Five Qualities of a Board Treasurer
The board members of your community association serve many important leadership functions. In this article, we’ll delve into the role of treasurer and the impact they have on the health and future growth of your community. Read the article…………….
The Essential Five People On Your Association Board
It takes a lot to build a great community. You need committed residents, a dedicated board of directors, and a clear understanding of everybody’s roles and responsibilities. Read the article…………
Where Does a Co-op or Condo Treasurer Turn to for Advice?
The treasurer of a co-op or condo board plays an important role in the financial health of the property: overseeing the budget, making sure the bills get paid in a timely manner, and finding ways to control costs and maximize income. Ordinary board members without extensive financial backgrounds may find the job daunting. Fear not, […]
What Are The Responsibilities Of A Condo Board Treasurer?
Success of a homeowners association lies in the hands of the board of directors. Strong boards of directors carry out proper planning and execute those plans on a timely basis to ensure well-being of the home owners and residents in a condo. The management of finances of the condo board is tasked to a condo […]
Board 101: What Are the Duties of a Condo or Co-op Board Treasurer?
You might reasonably imagine you know what a co-op or condo board treasurer does. He or she is like an accountant, right? Or, well, maybe a bookkeeper. It’s the kind of thing where it helps to have a degree in finance. Or is it economics? Or accounting? And it’s up to the board treasurer to […]
So Now You’re On the Board
The first steps to superior board performance are clarifying your board’s job and then following through with appropriate plans, actions and evaluation of results. The checklists presented here are intended to assist you in those tasks. They cover a significant number of your responsibilities. The checklists will apply to virtually any association. To use them, […]