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One of the most important responsibilities of the board is to manage the association’s funds; your money. The board takes this responsibility seriously; these are the procedures the board insist on to protect your money:
- Association financial records are reviewed annually by a certified public accountant.
- Bank statements are reconciled promptly each month.
- The balance sheet and profit and loss statement are reviewed each month, and expenses are compared to the budget each month.
- The association has a collection policy that safeguards cash flow.
- All association volunteers and personnel who have access to association funds are bonded.
- Kickbacks are prohibited and any possible conflict of interest must be disclosed.
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