Board Treasurer Responsibilities

Sunland Division 17 Individual Board Member Responsibilities

(see also “Other Board/Delegated Responsibilities,” a separate document)

Treasurer—Specific Duties:

Ensure that the signature cards on all operating and reserve accounts, as well as investment accounts (CDs), are updated annually upon change of Board members.
Ensure all Association checks contain at least two signatures of the three authorized Board members.
Review and sign checks prepared by the accountant to pay Association bills.
Supervise the Association’s contracted accountant. Duties include: ensuring timely deposits of checks and association receipts and payment of bills; preparation of monthly financial reports: balance sheet, income statement, check register, aging reports (assessment delinquencies), or any other reports requested by the Board.), establish and identify appropriate sub-categories of cost centers for charges and coordinate appropriate cost center charges with the accountant.
Basecamp: Pay annual Basecamp subscription with Treasurer’s personal credit card (Basecamp does not accept checks), to be reimbursed from Division 17 funds.
Identify any financial or fiduciary conflicts of interest or potential conflicts of interest by any Association Board member and bring these to the attention of the Board as a whole.
7) Identify, verify, and follow up on owners’ delinquent assessment payments, including issuing delinquency notifications, intent to lien, etc.
On a monthly basis, review and verify (sign) a bank reconciliation* of the association’s operating and reserve accounts including the latest account statements from each financial institution where the association has its operating and reserve accounts.
On a monthly basis, review the income and expense/ profit and loss statements for the association’s operating and reserve accounts; compare the balances to the current year’s approved budget, determine reasons for expenditures/balances that vary significantly from the projected budget, forecast future budgetary needs to ensure the association has adequate funding.
On a monthly basis, prepare an end-of-month financial status report to be presented at the following month’s Board meeting; and after each board meeting, post this financial status report on Division 17 Website.
Tax Returns: Oversee contracted accountant’s preparation and filing of a federal and state tax return or exemption statement by the 15th day of the third month after the fiscal year ends.
Insurance: Ensure the Association maintains adequate Insurance as identified in the Association’s CC&Rs; represent the board on Insurance Committee; promptly post annual insurance certificate (April/May) on Division17 Website, and notify owners it is available there (and/or distribute to owners electronically or by mail, as each has specified in their Owner Contact Form). (Note that in current practice, most owners are prepared to receive information electronically.)
Reserve Study: Annually update the Association’s reserve component items listing covering a 30-year period (review items with the Exterior Maintenance Coordinator); coordinate the preparation of a reserve study in accordance with RCW 64.38.045 and 64.38.065-090.
Annual Budget: No later than June–July of each year, develop and present the annual budget and assessment plan to Board members for approval, and to owners for acceptance at the annual meeting, in accordance with RCW 64.38.025.
Reserves Account: Develop, monitor, and annually amend, if needed, a reserves account funding plan in accordance with RCW 64.38.045 and 64.38.065 through .090.
Reserve Funds Expenditure Monitoring: Ensure that reserve funds are expended for appropriate repair, replacement, purchase of appropriate items or for litigation involving these actions in accordance with RCW 64.38.065 thru .090; ensure that funds withdrawn from the reserve accounts meet criteria and follow the guidelines listed in RCW 64.38.075.
Audit or Financial Review: Oversee and approve the annual financial records review or audit in accordance with 64.38.045.
Following approval at the Division17 annual meeting, post approved upcoming year’s budget and assessment rate (both annual and quarterly payment amounts), as well as Reserve Study results and Audit/Financial Review (in PDF) on Division 17 Website.
Ensure that all Board members and owners are kept up-to-date on the status of the Association’s funds.
Monitor Division17 Board Treasurer Gmail account (treasurer@sunlandnorth.org) and respond; turn account (including password) over promptly to new incoming Board Treasurer following the annual meeting.
Maintain Division 17 Board Treasurer reference binder and memory stick containing key reference materials and Association historical information; update and turn binder and memory stick over promptly to new incoming board Treasurer.

* Reconciliation is the process of ensuring that two sets of records (usually the balances of two or more financial accounts) are in agreement. Reconciliation is used to ensure that the money leaving an account matches the actual money spent. Reconciliation proves that the sum of the transactions to the ending account(s) is accurate and belongs to the accounts as stated.

Plus General Duties Of All Board Members:

Attend all board and committee meetings; advise fellow board members if unable to attend, secure briefing afterward; participate in board functions such as special events.
Be informed about the organization’s mission, CC&Rs, By-laws, and Rules and Regulations, as well as the Washington State HOA Statute (RCW 38), and SLOA’s Bylaws and Rules and Regulations.
Work collaboratively and constructively with other board members, committees, coordinators, and fellow Division17 owners and neighbors.
Represent and work towards the interests of the community as a whole.
Review agenda and supporting materials prior to board and committee meetings. Conduct timely research as needed to ensure an understanding of the impact of issues/actions to be discussed. Bring items for discussion to the chair in advance, for agenda scheduling.
Actively and respectfully participate in Board discussions, recommendations, and decisions following established parliamentary procedures.
Serve on committees or task forces and offer to take on special assignments.
Inform others about the organization.
Suggest possible nominees to the board who can make significant contributions to the work of the board and the organization; help recruit additional neighbor volunteers for Division17 committees.
Keep up-to-date on developments in effective HOA management.
Follow conflict of interest and confidentiality policies.
Assist the board in carrying out its fiduciary responsibilities, such as reviewing the organization’s monthly financial statements and draft budget.
Rotate in attending SLOA Board meetings.
Provide input/articles to Division 17 newsletter as appropriate to job assignments, and on a timely basis to achieve established publication deadlines.

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