Most volunteer directors are handed a financial package and told it is fine. This is how to check that for yourself in about the time it takes to read a page.
Start with the two funds, not the total
A condominium corporation runs at least two separate pots of money: the operating fund, which pays for this year's running costs, and the reserve fund, which pays for replacing things that wear out. They are not interchangeable, and a healthy total can hide an operating fund that is empty and a reserve fund that is carrying it.
Look at each balance on its own. Then look at whether the reserve balance moved in the direction the funding plan said it would.
The four numbers worth knowing
The operating surplus or deficit for the year to date, against budget. A small deficit early in the year is normal. A deficit that grows every month is a fee problem, not a spending problem.
The reserve fund balance against the funding plan. The plan told you what the balance should be at this point. If it is below that, contributions have been quietly diverted or an unplanned repair happened.
Receivables, meaning arrears. One large arrear can be a single owner in trouble. A steadily rising total is a collections process that is not running.
Cash against payables. A corporation can show a surplus and still be unable to pay its bills next week, because a surplus is an accounting statement and cash is a fact.
The three that mislead
Percent funded is the reserve balance divided by what a fully funded balance would be. It is useful and it is methodology dependent, so a number with no methodology beside it tells you almost nothing.
Year to date variance against a budget that was spread evenly across twelve months. Snow clearing does not arrive in July. A variance report that does not seasonalise will show you an alarming month every winter and a comforting one every summer.
The bank balance on its own. It rises the week the assessments come in and falls the week the insurance premium goes out, and neither movement means anything.
What to ask the treasurer
Ask which month end the statements are actually reconciled to. Ask what the reserve contribution for this year was supposed to be and whether it has been made in full. Ask what is in receivables over ninety days.
Three questions, and between them they catch most of what goes wrong in a small corporation's books.