by Lawrence Szabo, Esq. | Jul 26, 2016 | Finances
State laws and the governing documents for homeowners associations impose requirements for the preparation and distribution of financial statements for the association. Financial statements are documents that detail the association’s financial activities and identify...
by Lawrence Szabo, Esq. | Jun 22, 2016 | Finances
It is common practice for the board of directors for a homeowners association to designate one or more individuals to be the “authorized” signers on the association’s bank accounts. Some boards adopt resolutions that authorize all of the current...
by Lawrence Szabo, Esq. | May 23, 2016 | Finances
State laws and the governing documents for a homeowners association typically contain provisions that mandate the establishment and maintenance of a “reserve fund” for the accumulation of money that will be required in the future to repair, replace, restore, and/or...
by Lawrence Szabo, Esq. | Jan 11, 2016 | Finances
State laws and/or an association’s governing documents typically contain provisions that require a homeowners association to have periodic financial audits, reviews, or compilations, and association boards and management personnel should be familiar with such...
by Lawrence Szabo, Esq. | Sep 15, 2015 | Finances
The directors of a homeowners association are vested with the responsibility of properly managing the business operations and the common areas that are included within their association. Proper management necessitates the exercise of sound business judgment in...
by Lawrence Szabo, Esq. | Jul 7, 2015 | Finances
A prudent board of directors should have a dual signature requirement for withdrawal of funds over a specified minimum dollar amount (or for distributions outside the amount set forth in its budget) from any of its accounts. When it comes to funds that are on deposit...
