MENU
CAREERS
LOCATION
California
Services
Local Services
Developers/Builders
About Us
Leadership
FAQs
Testimonials
Join Our Team
News & Events
Press Releases
Articles
4 Ways to Cut Costs and Keep HOA Assessments Stable - Ungated Short
Events & Seminars
HOA Webinar Library
Vendors
Homeowners
Find My Community
e-Statements
Fee Waiver Request
Areas We Serve
Contact Us
Contact Us
Request a Proposal
Site Search
Make a Payment
Request a Proposal
Order Documents & Certificates
Our Locations
Our Locations
Alabama
Alberta
Arizona
British Columbia
California
Corporate
Delaware
Florida
Georgia
Illinois
Maryland
Massachusetts
Minnesota
Missouri/Kansas
Nevada
New Jersey
New York
North Carolina
Ontario
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington DC
West Virginia
Cancel
Go
About Us
Who We Are
Background
Corporate Leadership
Partner With Us
Testimonials
Social Responsibility and Sustainability
Our People
Our Communities
Our Environment
Resource Library
What We Do
Property Management
Community Association and HOA
Condominium Association
High-Rise
Active Adult Community
Lifestyle Community
Master-Planned Community
Single-Family Home
Additional Services
Banking and Insurance Programs
Financial Management
Developer Services
Operational Support
Why FirstService Residential
Why We're Different
Client Satisfaction
Customer Care Center
Property Management Software
Ongoing Training
Green and Sustainability
FS Energy
Property Management Resources
Homeowners & Community Living
Property Management
Property Management Careers
HOA Board Members
HOA Committee
Emergency Management
HOA Finance
Property Maintenance Management
Property Management Vendors
Community Amenities
Active Adult Communities
Green & Sustainability
The Elements of Living
Our Social Purpose
Partner With Us
News and Articles
Press Releases
Articles
Frequently Asked Questions
FAQs on Community Association Meetings
Contact Us
Contact Us
Request a Proposal
Career Opportunities
Request a Proposal
Find Your Local Office
GO
Find Careers in
Alabama
Alberta
Arizona
British Columbia
California
Corporate
Delaware
Florida
Georgia
Illinois
Maryland
Massachusetts
Minnesota
Missouri/Kansas
Nevada
New Jersey
New York
North Carolina
Ontario
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington DC
West Virginia
GO
Join FirstService >
Resource Library
Careers
Join FirstService
Alabama
Alberta
Arizona
British Columbia
California
Corporate
Delaware
Florida
Georgia
Illinois
Maryland
Massachusetts
Minnesota
Missouri/Kansas
Nevada
New Jersey
New York
North Carolina
Ontario
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington DC
West Virginia
Customer Service
Service Chat
Alabama
Alberta
Arizona
British Columbia
California
Corporate
Delaware
Florida
Georgia
Illinois
Maryland
Massachusetts
Minnesota
Missouri/Kansas
Nevada
New Jersey
New York
North Carolina
Ontario
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington DC
West Virginia
Connect to Your Portal
Site Search
Find Your Local Office
GO
Menu
Expand Menu
About Us
Who We Are
Background
Corporate Leadership
Partner With Us
Testimonials
Social Responsibility and Sustainability
Our People
Our Communities
Our Environment
Resource Library
What We Do
Property Management
Community Association and HOA
Condominium Association
High-Rise
Active Adult Community
Lifestyle Community
Master-Planned Community
Single-Family Home
Additional Services
Banking and Insurance Programs
Financial Management
Developer Services
Operational Support
Why FirstService Residential
Why We're Different
Client Satisfaction
Customer Care Center
Property Management Software
Ongoing Training
Green and Sustainability
FS Energy
Property Management Resources
Homeowners & Community Living
Property Management
Property Management Careers
HOA Board Members
HOA Committee
Emergency Management
HOA Finance
Property Maintenance Management
Property Management Vendors
Community Amenities
Active Adult Communities
Green & Sustainability
The Elements of Living
Our Social Purpose
Partner With Us
News and Articles
Press Releases
Articles
Frequently Asked Questions
FAQs on Community Association Meetings
Contact Us
Contact Us
Request a Proposal
Career Opportunities
Request a Proposal
Make a Payment
Order Documents & Certificates
Request a Proposal
Connect to Your Portal
Our Locations
Alabama
Alberta
Arizona
British Columbia
California
Corporate
Delaware
Florida
Georgia
Illinois
Maryland
Massachusetts
Minnesota
Missouri/Kansas
Nevada
New Jersey
New York
North Carolina
Ontario
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
Washington DC
West Virginia
Search!
Search Site
GO
CLOSE
CALIFORNIA
Services
Local Services
Developers/Builders
About Us
Leadership
FAQs
Testimonials
Join Our Team
News & Events
Press Releases
Articles
Events & Seminars
HOA Webinar Library
Vendors
Homeowners
Find My Community
e-Statements
Fee Waiver Request
Areas We Serve
Contact Us
Contact Us
Request a Proposal
Five Qualities of an HOA Treasurer
Wednesday March 30, 2016
Homeowner association (HOA) boards are comprised of various positions with important leadership and oversight roles. This article will discuss the role of the treasurer and the impact they have on the health and future growth of your community.
1. Your HOA treasurer prioritizes your association’s financial health
Fiduciary responsibility ranks high on the priority list for HOA boards. Financial health impacts virtually every decision made for your community, in both the short and long term. Your HOA treasurer plays a central role in ensuring association assets are secure and proper internal controls are in place. Their primary duties include a continuous review of financials, investing association’s funds, collection assessments, and reserve fund planning. Additionally, the treasurer is typically responsible for record retention.
2. Your financial steward
The financial health and stability of your association affects virtually all aspects of your community. It’s a big job and though many functions fall under the treasurer’s responsibility, it’s not up to them to complete those tasks personally. Rather, they oversee the diligent execution of these responsibilities by the appropriate vendors such as the association’s CPA. Together, they will work to determine how taxes are filed, when annual audits are completed, etc.
3. Your financial voice
HOA boards are a unique blend of volunteers from all walks of life, backgrounds, and experiences resulting in different priorities. A common thread is the overall well-being of the association, but specific motivations vary and range from compliance, safety, or quality of life. However, for your treasurer, the main priority is financial health. This person must always be the voice and steward for financial stability in your association. They serve as the liaison to the auditor, the community association manager or management company, the financing committee, the accountants and bookkeepers, the bankers, the reserve specialists, the investment advisors and more.
4. The financial educator
The board treasurer plays an important role in understanding reserve funds and the implications of properly managing these key assets. The treasurer often works closely with the community association management team in oversight and reporting. In fact, it is common for the treasurer to be the only one who truly understands that these funds are set aside for future capital expenditures, not alternate operating funds or contingencies. Additionally, the treasurer educates the board members and makes recommendations as to the proper use of these funds as well as the overall financial health of the association.
5. Beyond the big picture, the treasurer focuses on brass tacks
Make no mistake: The treasurer is integral to the overall financial health of the association. However, there are details of financial management they must take charge of including insurance maintenance, record keeping, collections, delinquencies and investments. If your association is professionally managed, your treasurer has the support and resources available to ensure all of the details are carefully thought through.
It is fundamental that all HOA board members have an understanding of the roles and responsibilities of the treasurer. For more insight on the roles and responsibilities of all board members, please
contact FirstService Residential.
Suggested Articles
5 Surprising Reasons to Raise Your HOA Assessments
3 Strategies to Keep HOA Assessments Stable and Add Value
HOA Reserve Funds: 6 Tips to Improve Your Returns
Search Articles
search Articles
SUBMIT
Get the Latest News and Resources
Receive valuable insights and informative resources for your community! Sign up below.
Signup For News & Resources
×
Fill out the form below for more information on how a property management company can add value to your community.