DUTIES OF THE TREASURER

Treasurers do not have unlimited authority over the association's monies. Unless the governing documents provide otherwise, a treasurer's duties are as follows:

• oversee the association's operating account and reserve account
• keep and maintaining the association's financial documents
• oversee the deposits
• oversee investments
• ensure that bills are paid
• oversee the preparation of the budget
• ensure that a report of financial transactions are made to the board
• ensure that a reserve study is prepared
• serve as the board's liaison with the association's auditor
• review and implement safeguards to protect the association's financial assets
• ensure that tax returns are filed on time
• sign bank cards and co-sign checks with the president or secretary

The treasurer can delegate many of his/her duties to the manager, management company, or an assistant, but must oversee the work.

Updated by ADAMS KESSLER 9/24/2008