HABITAT
Subscribe for Daily Updates!
I was wondering if somebody can give a detailed description what are responsibilities of a treasurer in a co-op?
• Does a treasurer should supervise all co-op’s bank accounts, or only selected accounts?
• Does a treasurer should give a board detailed accounts’ reports or only accounts’ balances?
• Does a board should be informed about large transfers of money from one account to another?
• What information should be included in financial report presented to a board at monthly meetings?
• Does every board member should be familiar with co-op finances?
What are standards in your co-op?
Jim:
The treasurer should be receiving all bank statements each month in the monthly management report. You should ask your agent to give you a cover sheet of all your bank accounts with last month's balances and this month's balances so you can see any variation in balances. The treasurer should approve any transfers from the Reserve accounts. All of our board members receive a comprehensive monthly report including bank statements to the flow of monies from all accounts can be viewed.
Steve Birbach
Chairman- Carlton Management
In my building I am the only one who deals with money issues. But I follow it very closely, and work with our management company. What do you mean when you ask if you are informed when money is transferred from one account to another? I would think you should know, and even approve, this.
You should also check your By-Laws to see the duties of your Treasurer.
Thank you for the responses. I checked my co-op By-Laws and there is written that the treasurer is responsible for all funds and accounts. In reality, in my co-op, the treasurer is responsible only for two Community Funds accounts and he approves bills. For other accounts, and we have them plenty, is responsible the management company.
The board is not informed about transfers. The perfect example is when more than $1 mln was transfer from one account to another and nobody knew about this. Nobody even asked about this except me.
The conversation about finance is not welcome in my co-op. We have many restriction regarding reviewing financial information including signing a confidentiality agreement for board members in order to examine monthly financial report.
That’s way I am asking how it is done in other co-ops. What information should a treasurer shares with a board?
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Jim:
The treasurer should be receiving all bank statements each month in the monthly management report. You should ask your agent to give you a cover sheet of all your bank accounts with last month's balances and this month's balances so you can see any variation in balances. The treasurer should approve any transfers from the Reserve accounts. All of our board members receive a comprehensive monthly report including bank statements to the flow of monies from all accounts can be viewed.
Steve Birbach
Chairman- Carlton Management
212-575-0200/516-609-8200 x 15
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.