What Does an HOA Treasurer Do?

Understanding the different roles on an HOA board can help the board make sure that everyone there is contributing. It can also help people interested in being on the board to decide what roles they might want to play. Here’s what is usually expected of the person who is the treasurer on an HOA board.

Manages HOA Financial Records

The treasurer keeps track of a variety of financial records for the association. This can include things like which homeowners owe money, but it can also include things like tracking invoices, making sure the association has the right kind of financial policies in place, and paying taxes every year.

Pays Bills

The treasurer also pays the association’s bills. This includes paying contractors who work for the association, reimbursing board members who pay for certain things out of pocket, keeping up with regular bills like those for insurance and other coverage, and more. While the treasurer may not need to sign all checks, they will need to ensure that money is being paid out when it should be.

Tracks the Budget

Keeping track of the budget also falls under the treasurer’s purview. They will need to make sure that the board is sticking to the budget and notify the rest of the board if there is a budget problem. If major changes to the budget are necessary, the treasurer will oversee the process of amending it.

Handles Year-End Paperwork

There is always year-end financial paperwork for an HOA. This can include year-end statements for members, a year-end financial overview, and paying any necessary taxes. The treasurer generally prepares these documents or works with financial professionals who prepare them for the association. The treasurer may also need to submit these documents to the president for approval or present them at an association-wide meeting.

Oversees Audits

Regular audits help ensure that an HOA is spending their money wisely and that everything going on with the finances is above-board. The treasurer may call for an audit or help bring in a professional who will perform the audit. They will then work with that professional to make sure that the association provides all of the necessary documentation to get the job done.

Ensures Proper Insurance Coverage

The treasurer also helps ensure that the association has all of the insurance that they need. Most associations need to carry several different types of policies, depending on the types of amenities they offer, etc. The treasurer will often work on renewing these policies and getting the association the coverage they need.

Makes Investment Decisions

While a treasurer may not make major investment decisions on their own, they will often make some of the smaller ones and they will usually execute all of them. It may also be their job to watch the investments and notify the board if anything seems off.

If you need help finding a treasurer for your HOA or training one, call us at Advanced Management Inc. today! We’ll make sure your association’s money is in good hands.