New York's Cooperative and Condominium Community
Tom Soter and Bill Morris in Board Operations
● Financial record-keeping and periodic review of financial records. At most small cooperatives and condominium associations, the treasurer is responsible for maintaining the record of revenues and expenses. The treasurer must ensure that all expenses are appropriate for the co-op or condo and that contractors, suppliers, and professionals are billing accurately.
The condo or co-op board treasurer should review all invoices before payment, as well as monthly financial statements and bank reconciliations. Before major projects are undertaken, the treasurer should interview major contractors and ensure that the co-op or condo is being charged properly for services.
● Investment of funds. The treasurer and the board's finance subcommittee should investigate proper sources of investment revenue for the co-op or condo. These investment opportunities should be researched thoroughly and should be legitimate revenue sources and of minimal risk to the shareholders or unit-owners.
● Assessment and collection of delinquent shareholder accounts. This is perhaps the most difficult task of the board treasurer: collecting maintenance or common-charge arrears from friends and neighbors.
● Review and file the association's income tax return. The treasurer should be familiar with the association's filing status and make sure that the tax returns are accurate and filed on time.
● Oversee the annual audit and report the audit to the board and shareholders. The treasurer should be familiar with the auditing process and results and be prepared to report on the audit and other financial matters at the annual shareholders' or unit-owners' meeting,
The treasurer has 90 days from the close of the calendar year to deliver copies of the CPA's statement of available tax deductions to all shareholders / unit-owners. Within 90 days of the fiscal year's close, he or she must distribute the annual report of operations and the corporation balance sheet, certified by the CPA. A copy of the annual report must also be filed with the state.
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