R.S. from New Haven County, Connecticut writes:
Dear Mister Condo,
What monthly reports should the Board require either from the Board treasurer or the paid professional?
Mister Condo replies:
R.S., reports from the Treasurer of the Board should be offered at each meeting of the Board. The Treasurer’s Report should include cash on hand, checking account, reserve balances, and delinquency reports. Paid professionals are typically used for audits. Their reports include analysis of the association’s finances and may include tips for best practices on how best to manage the association capital resources. Additional reports might be required for associations facing unusual circumstances, such as high rates of foreclosure, new additions to the association (a new phase or development), and even reports of insurance claim activity or pending litigation where financial consequences (good or bad) may be experienced. In other words, if it will have an impact on the association’s ability to make good on its fiscal responsibilities, it should probably be included in the Treasurer’s Report. Here’s to all those hard-working volunteer Board Treasurers out there. Good job!