It is industry practice to have the treasurer give a report at regular meetings of the board. The "Treasurer's Report" may be written or may consist "simply of a verbal statement of the cash balance on hand--or of this balance less outstanding obligations."The report does not require any action by the board. (Robert's Rules, 11th ed., p. 477.)
No action or acceptance by the assembly is required--or proper--on a financial report of the treasurer unless it is of sufficient importance, as an annual report, to be referred to auditors. (Robert's Rules, 11th ed., p. 479.)
The general practice is to have minutes reflect that "A monthly financial report was submitted to the Board." or "The Treasurer's report was given." or "An interim financial statement was received by the Board along with the Treasurer's report."
ASSISTANCE: Associations needing legal assistance can contact us. To stay current with issues affecting community associations, subscribe to the Davis-Stirling Newsletter.