News & Insights

Home » News & Insights » NOT MY MONEY!

NOT MY MONEY!

Other

Now that you’re on the board, Residents rely upon you to make good financial decisions on behalf of the entire community and protect both individual and collective assets, in addition to having an understanding of reserves, budgets and accounts payable. It’s desirable for all board members to have at least a passing knowledge of the various components of their community’s financial profile to adopt best practices when it comes to oversight and transparency where money is concerned.  However, the member of the board upon whom this responsibility falls directly is the treasurer.

At the core, a treasurer is responsible for the origin, utilization, custody, and supervision of funds.  The treasurer is accountable for the handling of funds, ensuring their safety and providing approval of funds as and when required. In addition, the treasurer needs to make sure that each expenditure is according to the budget and approved by the appropriate parties.

Further, a treasurer has to keep a vigil on the funds and see to it that the treasury is not in the red when it comes to balance. This entails, in part, the preparation and presentation of periodical financial reports on the basis of expenditures and savings. It also involves the collection and keeping track of cash receipts, management of secured credit, debt financing and repayment, and anticipation of future needs.  Ultimately, a responsible, diligent treasurer will keep your building’s finances healthy so that you are able to deal with unexpected expenditures, which are almost a certainty in any building.

Recent Posts

Is Your Co-Op or Condo ADA Compliant?

A shareholder in your co-op has recently become disabled and your building’s entrance is not fully accessible. Is the co-op responsible for modifying the entrance so it accommodates the disabled resident? Accommodations required by Title III of the American...