Financial Responsibility

At each meeting, the Board will be provided with a copy of the previous month Profit and Loss Statement. There will be two comparisons provided, current year-to-date compared to last year and compared to the current budget.

Quarterly, the staff will also provide a copy of the historical balance sheet, showing all of the current assets, liabilities and equity, with comparison to previous years. The Treasurer will review the investments and share any notable issues with the Board of Directors.

At the Leadership Meeting in January, staff will detail these reports and review the items and system of reporting for your clarification. You are encouraged to ask questions and understand the financials of the organization clearly, since you will be responsible to approve the financials presented at each meeting.

As such, it is the policy of the organization to allow individuals currently serving on the Board of Directors access to all organizational records upon request. All requests should be made to the Chief Executive Officer. Historical financials provided to the Board of Directors will be retained on the password-protected Leadership section of the website, and access to those records will be open to all current directors 24/7.

  • A dishonesty bond shall be held for all employees and elected leaders serving as signatories of the bank accounts of the Berkshire County Board of REALTORS®, Inc. and Multiple Listing Service, Inc.
  • It is the policy of the organization to use the cash basis of accounting, which recognizes revenues when the cash is received and recognizes expenses when payment has been made.