Issue link: https://hub.associaonline.com/i/985436
FLAWLESS COMMUNITY FINANCIALS 13. VERIFY YOUR ASSOCIATION HAS A CURRENT RESERVE STUDY. If not, request one be completed. Reserve studies ensure that your community can pay for large projects, like painting all the units or replacing the clubhouse roof, by the time they need to be done. Your manager can help you find a partner to execute a study and fund it going forward. 14. VERIFY YOUR COMMUNITY HAS A COLLECTION POLICY. Collection policies allow you to balance fairness and finances by: 1) ensuring that homeowners pay the assessments they agreed to when they bought property in the community, and 2) by ensuring that everyone is treated equally. 15. ENSURE THAT THE COMMUNITY'S COLLECTION POLICY IS BEING ADMINISTERED. Having a collection policy is useless if it isn't being enforced – and you can tell whether that's the case by looking at your receivables. If some homeowners aren't paying their assessments, it's not fair to the association or to other homeowners who are doing their parts. 16. MAKE SURE BANK ACCOUNT SIGNATURE CARDS ARE CURRENT. Safeguarding the community's funds is a crucial part of your fiduciary duty, which is why ensuring that the bank can verify check signatures is so important. Make it a permanent policy to update the bank's signature cards after any election, removing old board members and adding new ones. -Josie Flicek, CMCA®, AMS® Business Development Manager Cities Management 4