Condo Media - July 2014 - (Page 6)

N e w s C A I CAI N E W S Inside: 6 Membership News 8 Upcoming Events 16 Maine News 18 Massachusetts News 20 New Hampshire News 21 Rhode Island News 23 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 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. * Feature Article: And the Winners Are ... * Q&A: Being Social Media Savvy * Condo Media Magazine: Subscribe * Sponsorship & Advertising: Annual CAI-NE Condo Expo * Helpful Resources 2014 Legal Directory 6 Condo Media * July 2014 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 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

Table of Contents for the Digital Edition of Condo Media - July 2014

Condo Media - July 2014
Table of Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Looking for Alternatives
Vendor Spotlight
Volunteer Spotlight
2014 CAI-NE Financ-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2014