management companies

Started by EbonyJ • 2 replies • 1252 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

EbonyJ (Tennessee)
Posts: 62

Posted:

We have two separate accts, the operating account the MC manages, and the reserves the board manages, should the MC have any access to the acct or can we just send her the bank statements. I have been advised that it's not wise to have the MC handle all your accts

TimB4 (Tennessee)
Posts: 21,061

Posted:

Personally, I wouldn't have the MC control the operating account either.

However, if it's the MC putting together the financial reports (instead of the Treasurer who should be doing it) then the MC will need to know the account balances of all accounts.

Tim

GlenL (Ohio)
Posts: 5,491

Posted:

A lot of banks will send duplicate statements for a small sum, so if you have the statements sent to the treasurer, the duplicates could go to the MC.

Studies show that 5 out of 4 people have problems with fractions

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here