Most of the tasks above will be handled by the Roost Finance Team. Each month they will pay your association recurring bills and work with the treasurer/board to have any out of the ordinary expenses paid. An operating bank account is set up through National Cooperative Bank and bills are paid through that account. Reserve (savings) accounts are separate and Roost is only authorized to make contributions to that account but the board is needed to move funds out of reserves INTO the operating account. Each month, Roost will reconcile your bank accounts and send a financial accounting package. This is placed into your portal for ongoing review and we’ll note any variances or areas of concern. Buildings need to have a minimum balance of $5,000 (or three months of operating available) in operating in order to ensure bills can be paid in a timely manner. Budgeting will be done in concert with the treasurer/board committee. Roost does the FIRST draft of the budget; revisions are done by the treasurer and board, finalized, and remitted to Roost to log in Appfolio and memorialize. The board is responsible for presenting the budget for review and approval to the membership at the annual meeting. Taxes are coordinated by Roost during the typical tax season and, because there is generally no profit generated by the building, the cost is for a licensure tax and the fee to have them prepared.