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I’m a new HOA board president, and our bylaws say the treasurer does the finances, but the management company has been handling our finances for years.
At first, I was alarmed, but I think it might be much less work for the HOA that way. Particularly, considering that folks only last a year or two before quitting the HOA board or moving away.
I am trying to figure out how the board can insure the money handling is above board. We get monthly and yearly breakdowns on spending, income, and on our reserve balance. I have asked to see the cancelled checks, but don’t know how that will go. The checking account is a shared trust account the management company uses.
