What Does an HOA Treasurer Do?

HOA Board Roles

An HOA treasurer oversees the association’s money. That means reviewing monthly financials, leading the budget, watching reserves and keeping the board and owners informed. In most associations, an accountant or manager does the day-to-day bookkeeping, and the treasurer makes sure it’s right.

The job in one list

Monthly

• Review the balance sheet, budget vs actual and delinquency report.
• Check that every bank account is reconciled and the reserve transfer happened.
• Look at the bank statements directly, not just summaries.
• Send questions to the accountant before the board meeting.

Yearly

• Lead the budget, with the manager or accountant. See how to build an HOA budget.
• Make sure the budget summary goes to owners and the ratification meeting is set (C.R.S. 38-33.3-303(4)).
• Coordinate year-end: 1099s, the tax return and the annual disclosure. See our year-end checklist.
• Review insurance renewals and the reserve study.

What the treasurer doesn’t have to do

A volunteer treasurer shouldn’t be entering every bill and deposit. That’s the accountant’s or manager’s job. The treasurer’s role is oversight: making sure the numbers are right, on time and understood.

Good controls the treasurer should protect

• Board members as signers on every account
• Board approval of payments
• Duties split, so one person doesn’t pay, record and reconcile
• Monthly reconciliations with the bank statements attached
• Conflicts of interest disclosed under the association’s policy (C.R.S. 38-33.3-310.5)

A mountain-town tip

Many treasurers in Summit and Eagle County live out of state. Give the treasurer online, view-only access to every bank account and a monthly email package. Distance shouldn’t mean less oversight.

Five questions every treasurer should be able to answer

1. How much cash is in operating and reserves today?
2. Are we on budget year to date?
3. Who is more than 60 days behind?
4. When does insurance renew?
5. What big project is next in the reserve study?

We make the treasurer’s job easier with a clean monthly package and quick answers. See our HOA accounting services and pricing. Related: how to read HOA financial statements.

Getting started as a new treasurer

1. Get added as a signer and view-only user on every bank account.
2. Ask for the last 12 months of financials and reconciliations.
3. Read the budget, the reserve study and the collection policy.
4. Meet with the accountant or manager for an hour to walk through the reports.
5. List the dates that matter: budget season, insurance renewal, 1099s, tax return.

That first month sets you up for the whole term. Most new treasurers find the job is very manageable once the monthly package is clear and on time.

When to ask for help

If reports are late, numbers don’t tie to the bank, or nobody can explain a variance, raise it with the board quickly. Those are signs the books need attention, not a reason for the treasurer to start doing the bookkeeping alone.

Key takeaways

• The treasurer oversees; the accountant does the daily books.
• Look at the bank statements, not just summaries.
• Lead the budget and keep the reserve plan current.
• Protect board signers and split duties.
• Give remote treasurers online, view-only bank access.
• Know five numbers by heart: cash, budget status, delinquencies, insurance renewal, next big project.

This is accounting education, not legal or tax advice.

FAQ

What does an HOA treasurer do?

The treasurer oversees the association’s money: reviews monthly financials, watches the budget and reserves, helps prepare the annual budget and reports to the board and owners. In most associations, an accountant or manager does the day-to-day bookkeeping.

Does the treasurer have to be an accountant?

No. Most treasurers are volunteers. They need to ask good questions, read reports and make sure the controls are working.

Should the treasurer sign checks alone?

It’s safer not to. Many associations require two signatures or board approval for payments, and keep duties split so no one person controls everything.

Are other board members entitled to the same financial information?

Yes. Under C.R.S. 38-33.3-303(1)(b), all board members are entitled to association information, including detailed monthly expenditures.

Sources

• C.R.S. 38-33.3-303 (board duties, budget)
• C.R.S. 38-33.3-310.5 (conflicts of interest)