Qualities of a treasurer: A complete guide

What is a board treasurer?

A board treasurer is the HOA officer who helps the board oversee the association’s finances. The treasurer typically reviews financial reports, monitors the budget and reserve accounts, and helps the board understand the financial impact of its decisions.
 

Roles of a treasurer

The exact responsibilities of an HOA treasurer depend on the association’s bylaws and other governing documents. Common responsibilities can include:

• Reviewing monthly financial statements and account balances
   
• Comparing actual income and expenses with the approved budget
   
• Watching assessment collections and outstanding balances
   
• Reviewing reserve funds and upcoming funding needs
   
• Helping the board prepare and evaluate the annual budget
   
• Reviewing invoices, expenses, and financial activity according to the association’s established procedures
   
• Presenting financial updates at board meetings
   
• Working with the association’s property management and accounting teams
   
• Helping the board understand the financial impact of major repairs and capital projects
   
• Supporting year-end financial reporting, audits, reviews, or other required financial work

The treasurer does not have to handle every accounting task personally. A well-run association can divide responsibilities among the board, property management company, accountants, banks, and other professionals while keeping the board appropriately involved.
 

Does Pennsylvania require HOAs to have a treasurer?

For Pennsylvania planned communities covered by the Uniform Planned Community Act’s bylaw requirements, the association’s bylaws must provide for the executive board to elect a treasurer, along with a president and secretary. The bylaws must also state the qualifications, powers, duties, and terms of office for association officers (68 Pa.C.S. § 5306(a)(2)-(3)).
 

How often should an HOA treasurer report to the board?

An HOA treasurer should provide financial updates often enough for the board to spot issues before they become larger problems. For many associations, that means reviewing reports monthly and discussing key items during regular board meetings.
 

What happens if an HOA treasurer resigns?

If an HOA treasurer resigns, the next steps depend on the association’s governing documents and bylaws. For planned communities subject to the UPCA’s bylaw requirements, the bylaws must spell out the qualifications, powers and duties, terms of office, election and removal procedures, and how vacancies for officers and board members are filled (68 Pa.C.S. § 5306(a)(3)).
 

Qualities of a good treasurer

1. Your treasurer has a distinct voice — and knows when to use it.

   Boards are made up of different people, all with different priorities. Maybe it’s safety. Maybe it’s quality of life. Maybe it’s compliance. But for your treasurer, the main priority is financial health. This person must always be the voice for financial stability in your association.
   
   As such, he or she will function as the liaison to the auditor, the manager or management company, the finance committee, the accountants and bookkeepers, the bankers, the reserve specialists, the investment advisors, and more.
    

2. Your treasurer is invested in your association’s long-term financial health.

   A strong treasurer keeps an eye on what the community may need months or years from now, not just what is happening in the current budget. That means paying attention to upcoming repairs, reserve needs, rising costs, and other expenses that could affect the association down the road. Looking ahead gives the board more time to plan and make thoughtful financial decisions instead of reacting when a large expense arrives.
    

3. The treasurer knows how to explain financial information to others.

   Board members and association members may not have a clear understanding of the role that reserve funds play in the future of the community. Sometimes, treasurers are the only members who truly understand that reserve funds are set aside to support the community’s future needs and should be used for their intended purpose.
   
   It’s up to the treasurer to educate the board and membership as to the proper use of these funds under Pennsylvania HOA laws and apply them appropriately. Board members are equal partners, and when a board treasurer won’t share his or her knowledge, it’s detrimental to the rest of the board.
    

4. The treasurer should be detail-oriented… to a point.

   The treasurer is integral to the ongoing financial health of the association, but there is a difference between being detail-oriented and micromanaging. For example, the treasurer should confirm that vendors are being paid, but shouldn’t follow them around the property and check on every facet of the job before doing so.
   
   Some treasurers want to sign every check, approve every invoice, and follow up on every vendor’s job before paying them. If you have management that you trust, it’s not necessary.
    

5. Your treasurer should know when to delegate.

   Although the treasurer’s job includes many different functions, it’s not that person’s job to complete all of those tasks personally. The best treasurers trust their property managers and work with them to delegate financial responsibilities to auditors, tax preparation professionals, investment advisors, and insurance brokers.
   
   Effective communication is key between the board, the property manager, and often the accounting department, especially in all facets related to finances.
    

6. Your treasurer should ask the right questions.

   A good treasurer does more than review the numbers. They should understand what is driving changes in the budget, why expenses are higher or lower than expected, and whether current reserve contributions still support the community’s long-term needs. Asking thoughtful questions can help the board spot issues earlier and make better-informed financial decisions.

About FirstService Residential

FirstService Residential supports Pennsylvania communities with local expertise and dedicated service. Our teams assist with communication, maintenance coordination, financial management, documentation, and 24/7 customer care, all designed to simplify life for board members and residents alike.

To learn how FirstService Residential can support your association, contact our team today.

This information is provided for general informational purposes only and is not intended to constitute, and should not be relied upon as, legal, regulatory, financial, or operational advice, or as a representation or guarantee of any specific services, capabilities, or outcomes. Property management needs, regulatory requirements, market conditions, and available services vary by jurisdiction, property type, and community. FirstService Residential provides services through locally based affiliates and associates, and services and results may vary by community, region, contractual terms, and applicable law.