Financial Information

Back to homepage

From the Community Associations Institute’s Report #4 – Financial Operations: Given that the fiscal health of the association has a direct impact on every member of the community, proper management of financial operations is an important element of building better communities.  While the responsibility for an association’s finances rests with the board, there are numerous areas where advice should be sought from qualified financial professionals.  The board of directors, particularly the treasurer, is ultimately responsible for association’s funds and may not abdicate their fiduciary responsibility.


The assessments paid by the unit owners are deposited in a FDIC insured bank account.  The management company maintains the financial records and prepares the financial reports which are reviewed by the Treasurer and Board each month.  An independent audit or review of the financial records is done annually.

The Reserve Funds are required by state law.  These funds are maintained in a separate account from the operating funds and are also FDIC insured.