CONDO ASSOCIATION

Overview
Budget
Management
Board
Forms & Info
Newsletter

Condo Association : MANAGEMENT

The Directors will employ a "Managing Agent" at a compensation established by the Directors. The Managing Agent will employ persons possessing a high level of competence in the technical skills necessary to properly manage the Condominium. The Managing Agent will advise the Directors regarding the administrative operations of the Condominium and will employ  expert vendors in the areas of condominium insurance, accounting, labor relations and condominium regulations. The Manager shall perform duties and services the Directors authorize. The Directors may delegate to the Manager all of the powers granted to the Directors by the condominium's Bylaws. The Manager performs the obligations, duties and services relating to management of the property, the rights of Mortgagees and the maintenance of reserve funds in compliance with the provisions of the Bylaws. The Directors impose the following standards of performance upon the Manager:

• Employ the cash method of accounting;

• Two or more persons are responsible for handling cash;
• Maintain separate Association bank accounts;
• No renumeration from vendors shall be allowed by the Manager;
• Complete disclosure about the Manager's interest in other firms;
• Prepare an annual financial report for the Association disclosing:

• all income and disbursement activity for the preceding period;

• Status of accounts in "actual" versus projected" (budget) format;

• Actual or pending obligations in excess of budgeted amounts by an amount exceeding the operating reserves or fifteen percent (15%) of a major budget category.