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.
Learn more here.