Stop Using “No Name Service” for Your Community Association Bookkeeping

by admin on July 29, 2010

in Accounting, Board of Directors, Management

Hire Experienced Bookkeeping Services

With today’s ever increasing state and federal regulations, rising delinquencies and resultant cash flow issues, community associations are under ever increasing pressures to have proper financial accounting performed on their behalf.  It is time to stop using “No Name Bookkeeping Service” and a hire a bookkeeping company that specializes in servicing community associations.  This type of work and reporting is too important to take chances inexperienced bookkeeping services.   

Here is a suggested list of questions to ask when hiring a bookkeeping service for your community association:

1.         What experience, qualifications and professional memberships do you hold?   Read More

Tagged as: Accounting, Accrual, bookkeeping, Budget, Cash, Expenses, Finance, Liability, reporting

{ Comments on this entry are closed }

A Series: Roles of Each Position on a Board of Directors – The Secretary

July 29, 2010

The following is a part in a series of a description of the roles and duties of each officer on a Board of Directors. Previously, we wrote about the role that a President and Vice President both play on a Board of Directors and in this article we will discuss the role of a Secretary. An effective Board of Directors works together as a unit in carrying out the duties, roles and responsibilities of the Association.

Read the full article →

Fair Housing Laws vs. a Community Association’s CC&R’s

July 29, 2010

Sometimes federal Fair Housing Laws will trump a community association’s Covenants, Conditions and Restrictions (CC&R’s). CC&R’s are contained in the association’s documents and they were written by the developer to ensure that a community was to be maintained in the future with a consistent character and vision.

Read the full article →

Fidelity Bonds for Community Associations

July 9, 2010

I am not aware of any law that requires a community association to have Fidelity Bond coverage, but in the normal course of business it is a prudent form of protection. Fidelity Bond coverage provides protection for loss of money (i.e., reserves or operating expenses, additional securities and property) that would arise from fraudulent or dishonest acts of those who would be defined as persons handling the association’s money.

Read the full article →

Use Caution When Posting Minutes on a Community Association Website

July 9, 2010

As community association websites become the norm for the industry, Boards of Directors and management need to gain guidance from the association attorney on how meeting minutes should be written and handled in order not to cause any potential legal problems for the association.

Read the full article →

← Previous Entries