Condo Media - July 2013 - (Page 6)

N e w s C A I CAI N E W S Inside: 6 Membership News 8 Upcoming Events 18 Maine News 19 Massachusetts News 20 Rhode Island News 21 Vermont News MEMBERSHIP NEWS Best Practices: Financial Operations P roper financial management is an important element of building better communities. While responsibility for an association’s finances rests with the board, there are several areas in which advice should be sought from qualified financial professionals. The “Best Practices” Top Hits on the CAI-NE Website The CAI-NE website — — provides invaluable resources and information for volunteer board members and industry professionals. Check out the following pages. • Condo Media Magazine: Subscribe Today! • Helpful Resources: Condominium Statutes • Feature Article: Members Applauded at Chapter Awards Dinner • Resource Directories: 2013 CAI-NE Legal Directory • Why Join CAI-NE?: Join Today 6 Condo Media • July 2013 report on financial operations published by the Foundation for Community Association Research can provide some of that advice. Financial Operations & 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 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 www. as a free download. CM

Table of Contents for the Digital Edition of Condo Media - July 2013

Condo Media - July 2013
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Volunteer Spotlight
Vendor Spotlight
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2013