Online / Digital signatures for Reserve Expenses

Started by WesP3 • 3 replies • 395 views

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WesP3 (California)
Posts: 2

Posted:

Hi all,

I am trying to find a solution to our reserve expense process. Right now it simply takes too long, and with the current COVID-19 events I want to act on providing our associations the option to sign reserve checks online. We have a two signature system for reserve expenses and we have been doing it the old fashioned way where we meet in person, mail it to the HOA board members or wait until the meetings. I heard through the grapevine some management companies are already using this, has anyone heard of a method to accomplish this?

Thanks in advance.

MarkW18
Posts: 1,290

Posted:

My strong recommendation is don't go down that road. Two Board members physically signing the check. A reserve expense is far difference than the everyday emergency expense.

WesP3 (California)
Posts: 2

Posted:

Quote:

Posted By MarkW18 on 03/18/2020 2:22 PM
My strong recommendation is don't go down that road. Two Board members physically signing the check. A reserve expense is far difference than the everyday emergency expense.

Any reason why? The law as I understand it calls for authorization, not physical signatures on the checks. With proper record keeping we'd have record of authorization, and with COVID-19 this simply makes more sense right now.

JohnC46 (South Carolina)
Posts: 14,265

Posted:

Wes

Typically a BOD rarely withdraws money for their Reserve Fund and typically when they do it is to pay for a specific project with payments timing defined. Two signatures and US Mailings should be sufficient.

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