Port of Old Mission Condominium III 
Red Fox Run Association

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Duties
Association Treasurer

 

On a monthly basis, the Property Manager provides the Treasurer and Controller the
following data from the previous month:

  • Check register with all banking activities (withdrawals and deposits). 
  • Invoices coinciding with all checks written during the period. Bank statements for checking and money market account and the accompanying reconciliation reports.
  • Checks in excess of $500 that need to be cosigned.

By the 10th of the current month, the Controller provides the Treasurer with the following data /reports for the prior month:

  • "POM III HOA Financial Report" for the fiscal year updated through the prior month.
  • Supporting schedules for the "POM III HOA Financial Report" to include but not limited to:
  • Current year "Condo Fee Payment Schedule"
  • "Cash Flow Report"
  • "YTD Expense by Category"
  • "Status of Checking and Reserve Accounts" for fiscal year updated through prior month.

The Treasurer performs the following tasks with the information furnished by the
Property Manager and the Controller:

  • Crosschecks all entries on the bank statements against the check register and the invoices to verify all deposits and withdrawals are accurate and accounted for.
  • Verifies accuracy of bank statement reconciliations.
  • Cosigns all checks in excess of $500.
  • Reviews the statements furnished by the Controller.

Once the Treasurer has completed the above tasks and is satisfied there are no errors in the financial records or statements, the Treasurer advises the Controller to run copies for the Board and presents copies of the following to the Board at the Board meeting.

  • POM III HOA Financial Report for the current fiscal year updated through the
    prior month including status of checking and reserve accounts.

On an annual basis, the Treasurer as part of the Budget Committee establishes an annual budget and presents it to the Board of Directors for approval prior to the Annual Meeting. The guidelines for this process are outlined in POM III Budget Committee Procedure.

On an annual basis, the Treasurer prepares financial reports and presents them at the Annual Membership Meeting.


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