The new HOA & condo treasurer checklist: your first 90 days

Week 1: Get the records and the keys

• Collect the handover file from the outgoing treasurer or management company: current budget, last 12 months of financial statements, bank statements and the general ledger.
• Get the most recent reserve study and any updates, plus the last audit, review or compilation report.
• Gather the governing documents — declaration (CC&Rs), bylaws and board resolutions — so you know your spending, assessment and reserve rules.
• Update signers on every operating and reserve bank account, and remove anyone who is no longer on the board.
• Confirm who holds online banking, accounting software and payment portal logins, and change passwords that were shared.

Month 1: Understand where the money stands

• Reconcile the operating and reserve accounts to the bank statements, and ask about any unexplained differences.
• Compare year-to-date income and expenses to the budget, and note the largest variances.
• Confirm reserve transfers have been made as budgeted — operating and reserve funds should not be mixed.
• Review the delinquency (accounts receivable) report and the association's collection policy.
• List upcoming bills, contracts that renew soon and any open invoices.

Month 2: Reserves, insurance and contracts

• Read the reserve study's component list and funding plan: which components are due in the next five years, and is the reserve balance on track?
• Check the reserve study's date. Many associations update it every few years; state law may set a schedule.
• Confirm insurance policies are current, including the fidelity (crime) coverage that protects association funds.
• Review vendor contracts for amounts, renewal dates and cancellation terms.

Month 3: Taxes, controls and board reporting

• Find out who prepares the association's federal income tax return and when it is due. Associations generally file Form 1120-H or Form 1120 — the choice can affect the tax owed, so ask your CPA.
• Check whether your state requires an income or franchise tax return or annual registration.
• Set up basic controls: two signatures or two approvals for large payments, and someone other than the bill-payer reviewing bank statements.
• Agree on a monthly report for the board: balance sheet, budget vs. actual, reserve balance and delinquencies.
• Put the next budget calendar on the board's agenda so the draft budget and reserve contribution are ready on time.

Keep a record of what you decided and why

Boards are generally protected when decisions are informed and made in good faith. Save the documents, numbers and advice you relied on, and attach them to the meeting minutes. Over time this becomes the record that helps the next treasurer — and supports the board if a decision is later questioned. Asset Pal's Decision Memo Drafter builds that record for you: it cites the documents and figures you relied on and produces a signed decision record the board can file.