Working to Protect Your Money

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One of the most important responsibilities of the board is to manage the association’s funds—your money. We take this responsibility seriously; these are the procedures we insist on to protect your money:

  • Association financial records are audited annually by a certified public accountant.
  • Bank statements are reconciled promptly each month.
  • The balance sheet and profit and loss statement are reviewed each month, and expenses are compared to the budget each month.
  • Association reserve accounts are analyzed annually to ensure they are adequate for future needs.
  • The association has an investment policy that safeguards the principle of invested funds, a signature policy that safeguards operating funds, and a collections policy that safeguards cash flow.
  • All association volunteers and personnel who have access to association funds are bonded.
  • Kickbacks are prohibited and any possible conflict of interest must be disclosed.
  • Checks and balances are in place to ensure the safety of association funds—such as requiring two signatures on all checks.

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How healthy is your Association? How healthy is your Association Management? GOProperty Management offers a Consulting service called HealthCheck, designed to help you answer those questions. There is no charge and no obligation for this service.

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State Statutes

Download documents that govern the property management industry in North Carolina.

Ch. 47C - Condominium

Ch. 47F - Planned Community

Ch. 55A - Non Profit