Condo Media - July 2010 - (Page 6)

Inside: CAI N E W S MEMBERSHIP NEWS 6 Membership News 8 Upcoming Events 14 Maine News 15 Massachusetts News 16 Rhode Island News 17 Vermont News Best Practices Report No. 4 Financial Operations t is CAI’s purpose to foster vibrant, responsive, competent community associations that promote harmony, a sense of community and responsible leadership. Proper I Top Hits on the CAI-NE Web Site The CAI-NE Web site – – provides invaluable resources and information for volunteer board members and industry professionals. Check out the following top 5 pages. 1. Helpful Resources – Condominium Statutes 2. Industry Forms – Fannie Mae Affidavit 3. Program & Event Registration 4. Q&A – Shopping Association Insurance 5. Why Join CAI financial management is an important element of building better communities. The responsibility for an association’s finances rests with the board, but there are several areas in which advice should be sought from qualified financial professionals. The Best Practices Report on financial operations can provide some of that advice. The board of directors, particularly the treasurer, is ultimately responsible for the association’s funds and may not abdicate their fiduciary responsibility. Given the reality that community association boards are made up of a diverse group of individuals with various degrees of financial knowledge, the report outlines basic guidelines that should be followed to ensure sound financial operations. Topics covered include banking, planning, disclosure, policies, record keeping and budgeting. The report also details the budgetary responsibilities of the board of directors, treasurer, owners and community association manager. A community association’s governing documents and management contracts define formal roles and responsibilities in the budget process. These roles should be communicated in a constructive manner to all involved to ensure that appropriate expectations exist. The report provides an outline of the responsibilities of volunteers and professional staff typically charged with developing community association budgets. CAI and the Foundation for Community Association Research are dedicated to conducting research and acting as a clearinghouse for information on community association innovations and best practices. As part of the Best Practices project, operations related to various function areas of community associations, including governance, reserve studies/management, financial operations, strategic planning, community harmony and spirit, energy efficiency and transition, are available at as a free download. CM 6 CONDO MEDIA • JULY 2010

Table of Contents for the Digital Edition of Condo Media - July 2010

Condo Media - July 2010
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Vendor Spotlight
Volunteer Spotlight
Board Member Insight
2010 CAI-NE Financial-Reserves Directory
Advertisers Index
Classified Service Directory

Condo Media - July 2010