This checklist is general board education. It is not legal, audit, tax, reserve-study, CPA, or investment advice.
1. Confirm bank reconciliation status
Every operating and reserve bank account should be reconciled through the statement date. The treasurer should look for unreconciled deposits, old outstanding checks, unexplained transfers, and differences between bank balances and accounting reports.
2. Review owner ledgers and AR aging
Owner balances should be reviewed before late fees, payment plans, collection decisions, or resale responses. The treasurer should know the total delinquency amount, oldest balances, disputed balances, payment-plan status, and any credits or unapplied payments.
3. Review unpaid bills and approvals
The board packet should show unpaid vendor bills, due dates, approval status, unusual expenses, and any invoice that needs board action. Payables should tie back to approved contracts, recurring services, or board decisions.
4. Separate operating and reserve activity
Reserve contributions, reserve transfers, and reserve-funded expenses should be visible. The treasurer should not have to infer reserve activity from a single cash balance.
5. Prepare questions before the meeting
- Do the bank balances reconcile to the reports?
- Are owner balances current and explainable?
- Are late fees, credits, and adjustments approved under policy?
- Are any expenses over budget or outside normal patterns?
- Are reserve transfers and reserve expenses clearly labeled?
- Does the board packet include enough context for decisions?