RichardP13 (California)
Posts: 163
Posts: 163
Posted:
Let's change the players. What safeguards do you have if self-managed?
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If you don't use a PM or MC, does your Association have policies in place for trust but verify?
Started by RichardP13 • 3 replies • 1476 views
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JohnB26 (South Carolina)
Posts: 1,001
Posts: 1,001
Posted:
Treasurer plus another director sign EVERY check.
Authorized signatories are FULLY FIDELITY BONDED.
Monthly financial report is 'posted' and available.
FULL financials are available to ANY member upon request.
(open book policy)
Authorized signatories are FULLY FIDELITY BONDED.
Monthly financial report is 'posted' and available.
FULL financials are available to ANY member upon request.
(open book policy)
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
What John said plus the treasurer and all board members are members of the association, so it is their money. If one of them dips his hand into the cookie jar he will need to beat a hasty retreat because we know where he lives.
TimB4 (Tennessee)
Posts: 21,059
Posts: 21,059
Posted:
1) All expenditures by check only
2) Two signatures on every check
3) No check written written without bill/receipt
4) If reimbursing for materials, receipts must not have other items combined with HOA purchases
Other than normal office items (postage, envelopes, printing, etc.)all purchases require prior approval
5) Financials (less lot ledgers) part of the meeting minutes and available to all owners via web site
6) fidelity bond/crime insurance
7) Financial Review by CPA every two years and full report provided to membership
8) Books open to any member who asks
Ideally - person making deposits doesn't write the checks (currently not doing this because of Treasurer absorbing bookkeeper duties to allow additional funds for tree work. Will likely go back to this once I stop serving as Treasurer).
2) Two signatures on every check
3) No check written written without bill/receipt
4) If reimbursing for materials, receipts must not have other items combined with HOA purchases
Other than normal office items (postage, envelopes, printing, etc.)all purchases require prior approval
5) Financials (less lot ledgers) part of the meeting minutes and available to all owners via web site
6) fidelity bond/crime insurance
7) Financial Review by CPA every two years and full report provided to membership
8) Books open to any member who asks
Ideally - person making deposits doesn't write the checks (currently not doing this because of Treasurer absorbing bookkeeper duties to allow additional funds for tree work. Will likely go back to this once I stop serving as Treasurer).
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