Condo Media - July 2012 - (Page 6)

N e w s Inside: CAI N E W S MEMBERSHIP NEWS C A I 6 Membership News 8 Upcoming Events 16 Maine News 18 Massachusetts News 20 Rhode Island News 22 Vermont News Best Practices Financial Operations roper financial management is an important element of building better communities. While responsibility for an association’s finances rests with the board, P Top Hits on the CAI-NE Web Site there are several areas in which advice should be sought from qualified financial professionals. The Best Practices report on Financial Operations, published by the Foundation for Community Association Research, can provide some of that advice. Financial Operations and Budgeting The board of directors, particularly the treasurer, is ultimately responsible for the association’s funds and they may not abdicate their fiduciary responsibility. Given the reality that boards are made up of a diverse group of individuals with varying degrees of financial knowledge, the report includes guidelines that should be followed to ensure sound financial operations. A broad range of topics are covered, including banking, planning, disclosure, policies, record keeping and budgeting. The budgetary roles and responsibilities of the board, treasurer, owners and association manager are defined in a community association’s governing documents and management contracts. These roles should be communicated to those involved in an effective manner to ensure that the appropriate expectations are met, and the report outlines the responsibilities of volunteers and professional staff The CAI-NE Web site,, provides invaluable resources and information for volunteer board members and industry professionals. The top five pages: 1. Programs and Events: M-100 Essentials of Community Association Management 2. Helpful Resources: Condominium Statutes 3. Sponsorship and Advertising: Chapter Partnerships 4. About CAI-NE: Committees 5. Condo Media Magazine: Digital Issue typically charged with developing community association budgets. The Foundation for Community Association Research (FCAR) and CAI 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, other guidelines are available on governance, reserve studies, strategic planning, community harmony and spirit, energy efficiency and transition. All the reports can be found at as a free download. CM 6 CONDO MEDIA • JULY 2012

Table of Contents for the Digital Edition of Condo Media - July 2012

Condo Media - July 2012
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Financial Questions
CertaPro Painters How a Multinational Corporation Keeps it Local for Clients
Protecting Your Association’s Assets Oversight and Due Diligence
Community Association Data Released
Your Condo’s Future Planning for the Expected — and the Unexpected
Lost in Translation Statutes Allow Community Associations to Set their Own Reserve Requirements — or Not
CertaPro Painters How a Multinational Corporation Keeps it Local for Clients
Advertisers Index
Classified Service Directory

Condo Media - July 2012