Does your association lack the basic financial protections?
I recently heard from a co-owner who was concerned that her Association treasurer was not spending money wisely. The more she spoke I learned that the treasurer is the only officer to sign checks for the Association expenses, and furthermore, the owners do not receive statements as to how the money is being spent. She finished by asking if she should demand that the Board obtain a certified audit of the record books.
It is clear that her association lacks the basic financial protections. The Board has not complied with basic recording requirements. Condominium and community associations are best advised to have more than one person signing checks if the association does not have a professional management company. The expense of a certified audit is justified if the Board suspects that there has been unusual activity or that the Association funds or the size of the building requires a complete examination. Audits should be performed annually with a certified audit being performed at least once every five years.