What Is the Function of our HOA Board Treasurer?

Sometimes people forget that the Sun City Shadow Hills Community Association is a corporation, with $12 million in annual revenues and $13 million in repair and replacement reserve funds. That’s a fairly large corporation and our Board is responsible to see that all of it is managed in the best collective interests of the homeowners.

A total of $25 million dollars – that’s the amount of our money that our Board of Directors are expected to have the qualifications to manage.

The Treasurer of our Board has all the responsibilities of any treasurer or CFO. It is her job directly to ensure that our $25 million is well managed and well invested, that our taxes are filed correctly, and to provide accurate information to the Board upon which to make fact based decisions. In a small HOA, anyone might be able to do this job – but in a $25 million corporate HOA, the Treasurer must be a professional. Fortunately for us, our current Treasurer is well equipped for this position having been a Professional Budget Director for an $800 million budget in the State of Oregon.

But perhaps even more importantly, our Treasurer brought new professional homeowner talent to the Finance Advisory Committee. We currently have two CPAs, 2 CFOs, a retired investment banker, an active California attorney who also worked for the IRS, a retired GM of a Coachella Valley HOA, and a retired international financier. The FAC charter was also expanded greatly.

Briefly in 2015, the community had some issues with a Treasurer who was not suspended from the Board, but was suspended from the position of Treasurer. After this incident, the Board realized that it was necessary to standardize our reporting and have a very strong group of expert homeowners to serve on all our Advisory Committees.

Significant progress has been made in enhancing our budget process, our reserve studies, our investments, our insurance, our reporting, as well as our accounting.