A condo association treasurer has many different responsibilities. The role is undertaken by an existing member of the condo association’s board of directors. He or she directly oversees the various tasks for financial management of the association.
Condo Association Treasurer Responsibilities/Duties
Recording/reviewing financial records: financial records cover a wide assortment of business activities including both income and expenses. Also, any current bills or invoices must be reviewed before they are paid.
Investing: the condo association may invest association funds into various business activities for the purpose of generating profit. A treasurer is a key part of this activity; they are expected to be aware of the best investment opportunities and may manage the investments.
Payment collection: aside from paying outstanding bills and invoices, a treasurer must also collect payments owed to the condo association. This can include membership fees or any other sort of payments or accounts receivable the association may have.
Filing tax return: the treasurer is in charge of the association’s tax needs including making sure that taxes are properly filed and prepared. Duties may also include filing tax extensions, making quarterly payments and acquiring the services of a reputable tax accountant, depending on association needs.
Audit oversight and review: an independent audit should be performed yearly to review the association’s financial records. Aside from being aware of the process and overseeing it, a treasurer must also present the results to the board and be prepared to answer any relevant questions related to the audit’s findings.
Annual budgeting: the annual budget is not solely decided by the treasurer; it is often developed by multiple board members of the condo association. However, due to their knowledge and expertise on the association’s financial status the treasurer is a key person in the development of the annual budget.
Managing mail and communications: the majority of the mail received by a condo association are invoices or bills directed to the board as a whole. As most of the communications sent are business related, it makes sense for the treasurer to oversee the mail. Any non-financial mail (or mail directed to individuals) can be distributed appropriately by the treasurer.
Maintain the condo directory and mailing list: Because the treasurer is responsible for the collection of membership dues, they are the ideal association member to maintain a directory listing of members in good standing. Treasurers are also often asked to update member profiles and any existing mailing and e-mailing lists used by the condo association.
As the above information shows, the role of treasurer is a deeply important one. Proper management of finances is one of the most important tasks assigned to a condo association’s board of directors. A skilled treasurer is a tremendous asset to a condo association.
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