The financial responsibilities of a nonprofit community association, condo association, HOA or Homeowners Association are to:
2. Be efficient: The association should provide services as efficiently as possible so funds aren't wasted.
3. Spend in accordance with the condo association's budget: By adopting a budget, the condo association establishes a plan for spending community association funds and identifies amounts that can be spent for each purpose.
4. Satisfy legal reporting requirements: State law requires nonprofit corporations to file several reports each year.
In meeting these responsibilities, the community association will satisfy other financial responsibilities.
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