Effective financial management is crucial for condo and HOA boards, as all members share a fiduciary responsibility to ensure their community's financial health.
This includes actively reviewing financial statements, budgets, and reserve studies to identify irregularities, plan for future expenses, and avoid shortfalls or fraud. Boards should adopt clear policies for managing operating and reserve funds, including ensuring proper transfers, updating signers as needed and investing reserves properly.
By staying informed and involved, board members can uphold their community’s financial stability and foster long-term success.
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