Condo Media - July 2011 - 17

C A I

individual to perpetrate a fraud without the assistance of others. • Establish reasonable financial controls and have the association’s accountant review them periodically to make sure they are appropriate and effective. In addition to the division of responsibilities described above, reasonable controls would include, among others, requiring multiple signatures on checks above a specified amount, restricting access to the association’s checkbook and maintaining a low limit on any credit card you use for association expenses. • Require regular financial reports from the association manager (bookkeeper or treasurer) and review them. Reports no one reads (a description that probably applies to many reports provided to community association boards) are

virtually worthless as a defense against fraud. Insist that the reports include bank statements and reconciliations so someone can independently review the background information on which the financial summaries are based. • Compare and contrast. Match invoices (vendors and amounts) against checks written to those sources. Match contractors’ charges against the bids they submitted. Watch for discrepancies in recurring expenses. If the price of standard supplies doubles suddenly, or an invoice references work you don’t remember, ask for an explanation. • Sweat the small stuff. If you seem to be buying light bulbs or cleaning supplies more frequently, it may be because someone with access to the association’s supply closet is treating the association’s supplies as their own.

• Check the math. Fraud isn’t the only explanation for financial discrepancies; sloppy accounting, fees that aren’t collected, duplicate payments or funds deposited inadvertently to the wrong account — can cost the association money, too. • Ask questions. If something strikes you as odd, unusual or suspicious, ask about it and demand a satisfactory explanation. The only stupid questions about association finances are the questions no one bothers to ask. CM Stephen M. Marcus, Esq. is a partner in the law firm of Marcus, Errico, Emmer & Brooks PC. A member of the College of Community Association Lawyers (CCAL) and Massachusetts Legislative Action Committee (MALAC), he is a nationally recognized author and speaker.

R e g i o n a l N e w s

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CONDO MEDIA • JULY 2011

17



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Condo Media - July 2011

Table of Contents for the Digital Edition of Condo Media - July 2011

Condo Media - July 2011
Contents
From the Ced’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Board Member Insight
Vendor Spotlight
Finance
Management
Volunteer Spotlight
Reserves
2011 CAI-NE Financial-Reserves Directory
Advertisers Index
Classified Service Directory
Condo Media - July 2011 - Condo Media - July 2011
Condo Media - July 2011 - Cover2
Condo Media - July 2011 - Contents
Condo Media - July 2011 - From the Ced’s Desk
Condo Media - July 2011 - 3
Condo Media - July 2011 - President’s Message
Condo Media - July 2011 - 5
Condo Media - July 2011 - CAI News
Condo Media - July 2011 - 7
Condo Media - July 2011 - 8
Condo Media - July 2011 - 9
Condo Media - July 2011 - 10
Condo Media - July 2011 - 11
Condo Media - July 2011 - 12
Condo Media - July 2011 - 13
Condo Media - July 2011 - CAI Regional News
Condo Media - July 2011 - 15
Condo Media - July 2011 - 16
Condo Media - July 2011 - 17
Condo Media - July 2011 - 18
Condo Media - July 2011 - 19
Condo Media - July 2011 - 20
Condo Media - July 2011 - 21
Condo Media - July 2011 - Asked & Answered
Condo Media - July 2011 - 23
Condo Media - July 2011 - Homeowner’s Corner
Condo Media - July 2011 - 25
Condo Media - July 2011 - Board Member Insight
Condo Media - July 2011 - 27
Condo Media - July 2011 - 28
Condo Media - July 2011 - 29
Condo Media - July 2011 - 30
Condo Media - July 2011 - 31
Condo Media - July 2011 - 32
Condo Media - July 2011 - 33
Condo Media - July 2011 - Vendor Spotlight
Condo Media - July 2011 - 35
Condo Media - July 2011 - Finance
Condo Media - July 2011 - 37
Condo Media - July 2011 - Management
Condo Media - July 2011 - 39
Condo Media - July 2011 - Volunteer Spotlight
Condo Media - July 2011 - 41
Condo Media - July 2011 - Reserves
Condo Media - July 2011 - 43
Condo Media - July 2011 - 2011 CAI-NE Financial-Reserves Directory
Condo Media - July 2011 - 45
Condo Media - July 2011 - 46
Condo Media - July 2011 - 47
Condo Media - July 2011 - 48
Condo Media - July 2011 - 49
Condo Media - July 2011 - 50
Condo Media - July 2011 - Classified Service Directory
Condo Media - July 2011 - 52
Condo Media - July 2011 - 53
Condo Media - July 2011 - 54
Condo Media - July 2011 - 55
Condo Media - July 2011 - 56
Condo Media - July 2011 - Cover3
Condo Media - July 2011 - Cover4
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