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The financial responsibilities of a nonprofit community association, condo association, HOA or Homeowners Association are to:
1. Stay solvent: The condo association or HOA must manage its finances to avoid bankruptcy.
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.
For example, managing community association finances well means the condo association can meet payroll and pay bills and taxes.
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