Financial Resources

Board members owe several overarching fiduciary duties: the duty of reasonable care and attention, the duty of loyalty to faithfully pursue the community’s interests, and the duty of obedience to follow the association’s governing documents and policies. To fulfill these duties, a community association board member must exercise appropriate financial stewardship. Responsible fiscal responsibility hasGo to Resource

Luckily, it doesn’t happen often, but we have all heard horror stories about dishonest managers or board members absconding with association money, funded through assessments paid by owners in the community.  It is always a devastating situation and it leaves board members asking if there were steps that could have been taken to avoid suchGo to Resource

The Problem – The Unbudgeted Expense: Everything seems to be growing except the coffers: boards are faced with mounting operational expenses and increased delinquencies, without the same matched growth in revenue.  And, unfortunately, not all expenses are planned – emergencies will come up. For example, if there is a big snow storm and the associationGo to Resource