One of the most important responsibilities for condo and HOA board members is ensuring the association's financial well-being. Reviewing and understanding monthly financial reports is key to supporting your association's financial health.
Every board meeting should include a review of the association's financial picture. This is true if you are in a self-managed builidng where a Treasurer compiles information or have a property manager who provides a monthly financial packet. Monthly financial reports typically include balance sheets, income and expense statements, accounts receivable, bank statements, reconciliations, and more. Reviewing these documents helps monitor cash flow, verify expenditures, and ensure compliance with financial policies. Understanding financial statements enables informed decision-making and budget preparation. With a committed and financially literate board, your association can effectively safeguard its financial health and fulfill its fiduciary obligations.
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