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How would you handle violation of two signatory rule on checks and contracts? Our by-laws state that all contracts and checks must be executed by two of the board members (directors or officers). For decades checks were signed by two signatories. A few years ago the treasurer unilaterally decided it was ok to tell the bank that only one signature was needed, probably out of convenience. This is a concern because now the treasurer can write a check without any oversight. How would you proceed to correct this?
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Our Condo Association’s last fiscal year ended April 30, 2012. Our Association by-Laws indicate Board has three months there after to hold Annual meeting. Since we purchased our Condo several years ago it’s been common practice for Board to deliver finance report from CPA illustrating Assets, Members Equity and summary of previous years Revenue and Expenses. The Board has never submitted an annual Budget for forth coming year. The meeting has usually been in May. The Board called our Annual meeting last Saturday with notification. It lasted ten minutes without distribution of any finance reports. Nothing, not even a blank page labeled finance report. Chairman blamed it on CPA. Yes, I know your going to ask, Chairman stated there would be no questions from floor and no discussion. Chairman moved to close meeting. The motion was seconded followed by no vote. Any thoughts!
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How do other condo associations determine how much their Board of Directors may spend (from either the Operating or Reserves Account) without owners' approval? If a Board is consider certain non-operating purchases, can it simply determine and approve on its own what amount to spend? What policies can owners' put in place to regulate how much a Board spends? Does the answer differ for repair/replacement expenditures versus non-repair/replacement expenditures, such as installing a sprinkler system or fancier floor tile?
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What accounts should we have at our bank? We now have 5 different accounts. 1) Insurance fund 2) reserve study fund 3) contingency fund (for emergency maintenance, 4) ongoing exterior maintenance (items that are at zero life as stated from our reserve study and 5) our 30 year component reserves. Shouldn't 4 and 5 be combined as our reserves?
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The HOA does provide a budget breakdown but it is not as specific as I'd like. Example: "Insurance" does not itemize to show how the cost was computed. How can I find that out?
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