Question:
I am interested in being the treasurer on the board but know nothing about being a treasurer. I have seen that the community funds are divided into different compartments. I have several questions about the management of each compartment. Where can I find information on these separate compartments. Thank you for your help.
– Lawrence
Answer:
Association funds are generally deposited into two separate accounts: the operating account and the reserve account. The operating account contains the HOA’s operating funds, which are used for more regular or day-to-day payments. On the other hand, the reserve account contains the HOA’s reserve funds, which are used for emergency expenses as well as the cost of major repairs and replacements in the future.
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