Condo Association Management Blog

Yes it is legal but maybe not prudent. If it is in the assoc. name why not have the bank mail stmts to the Assoc. Treasurer.

Yes it is legal but why only one person? You can have multiple people signed with the bank with varying degree's of responsibility with the account. There is a card that members sign. Call your bank for more information. 
 
Vic

I am on the Board of a small eighteen unit townhouse association. We are self-managed. As the treasurer, I account for receipts (townhouse fees collected)and expenditures on my own home computer using Excel and Word. Can anyone recommend a good software program that would maintain more official accounting and pull in the data into statements (income, general ledger, budget, trial balance, etc.) It is quite combersome to continuously enter the same data in more than one spreadsheet and create my own statements from it. With the board's approval I would also like to purchase a laptop solely for the purpose of Association business. Does anyone recommend a laptop that would be appropriate? I want to be able to hand off everything if I ever stop being the treasurer. Thank you so much to whomever takes time to respond.

Sorry about that - I thought I was asking a question, not posting a response to your question.

Sandy can you please start a new post instead of looking for a comment on a different post. You confuse the originals posters message.  
 
Vic

Vic, the post was made in error as I already stated.

I would agree that it does not seem to make sense that a bank would not be open to discussing with other authorized members of the Association. Maybe the other board member misunderstood, and it just needs to be clarified.

Legality doesn't enter into it but prudence should. If the CD is in the name of the assn, then the assn should be dealing with the bank. If this member can get a better rate at this bank then why can't the assn? I just do not think it wise to let a member handle assn funds, especially if this person is not a board member. How much would the CD be for?

I appropriate wording is not in bylaws then you have to comply with procedure to modify by laws as dictated in your state's condominium act

I recently learned that the reason for this is that our management company will not deal with the bank. The resident will deal with the bank instead.

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