What should be in our monthly financial package?
Two questions matter as much as the contents. What day of the month does it arrive, and does a licensed accountant review it before it goes out. A package delivered on the twenty-fifth is nearly useless for a Board meeting on the first, and an unreviewed package pushes the review burden onto volunteer treasurers.
Ask for a sample package from any company you are considering. Firms that produce good ones are happy to show them.
When you get the sample, check three things beyond the contents. Whether budget-to-actual variance is shown against both the month and the year to date. Whether the delinquency aging ties to the balance sheet. And whether you can click from a general ledger line to the scanned invoice behind it without emailing anyone.
That last one separates firms more reliably than anything else in the package. It is easy to test before you sign and impossible to add afterwards.
General information for Board members, not legal advice. State law and your governing documents control, and both vary.
More on money, records and compliance
- Can Board members see paid invoices in the portal?
- What is a reserve study and how often do we need one?
- Does the management company arrange our reserve study?
- Do we need an annual audit, and does management handle it?
- What insurance limits should we require from a management company?
- What is a fidelity bond and how much coverage do we need?
The RFP template, scope checklist, interview scorecard, notice calendar and transition checklist your Board would otherwise build from scratch. No email address, no signup, nothing sent to you afterwards.