What state are you in and who told you that? What is CAM? What is ARB? It would help if you would spell out.

Comply with your own association bylaws and state statutes, beyond that do what makes sense for your situation.

If you employed a CAM then you wouldn't be self-managed. Self-managed means you manage the assn w/o outside help. I think it's wise of you to out source the financial services if you don't have a qualified board member to perform these duties. Make certain you are given financial statements monthly; that the Treas orPres signs all the checks; that the board maintains complete control of the reserve accouint and that the bookkeeper has a fidelity bond.

If the president can sign the checks there should be a fidelity on that person as well as the treasurer.

Are you sure you want to be self managed. We are self managed. We are in a constant battle with the board of directors as to who is financially responsible for what. We recently lost a costly lawsuit. My sister is in a self managed Condo association. They just lost a lawsuit that cost the Association over $100,000 even though the Board of Directors thought they were conscientiously trying to follow the law. As the board of directors change, as the managers change, as the office personnel change so does the interpretation of our governing documents. Maybe outside management does cost more initially. But the pain of so-called self-management just is not worth it.

Don, 
 
 
 
How do you know you wouldn't have lost the lawsuit if you were professionally managed? Surely the board didn't represent themselves, they had an attorney, right?

Professionals in the field are no doubt familiar with the above acronyms, but I assume that many readers fall into my category of railroaded/shanghaied President with little knowledge and lots to learn. Please, common sense and formal writing dictates that all abbreviations and acronyms be defined the first time that they are used. After the initial reference abbreviations are then proper and expedient. What do CAM and ARB stand for? Thanks

My condo association (Kentucky) consist of 12 units. In shopping, I found that many management companies in my area quote a price of roughly a $10 fee per unit (or $120 per month for the complex). The costly part is that most of them have a starting monthly rate based on 40 units. So out $120 goes to $400. Now, this is only an average, but it is just too large of an amount for a small association. So we remain self-managed.

The state of Florida requires a Condo Association Manager (CAM)if there are 10 or more units and/or if the association has a budget over $100,000.