Treasurer
Our BOARD does not have a treasurer. We have an executive committee of 5. Chair, vice chair, secretary and 2 at large. Is this normal for an HOA to just allow management company to do financials and finance committee reviews?
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Madeline,
It is very unusual that a board does not have an officer position of treasurer. But the real issue is that the fiscal responsibility of the board does not go away and the board is responsible to oversee and manage the financial affairs of the association. While it is fine for a management company to do this work it must be under the overall scrutiny of the board in some fashion. There is a large community in Scottsdale that just discovered that the community manager embezzled over $1.6 Million from the association over 12 years and no-one on the board checked on the finances. In my mind this was an absolute breach of duty by the board over that time and they should be held liable for that loss individually.
Dennis