Condo Media - July 2013 - 6

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C A I

CAI N E W S

Inside:

6 Membership News
8 Upcoming Events
18 Maine News
19 Massachusetts News
20 Rhode Island News
21 Vermont News

MEMBERSHIP NEWS

Best Practices: Financial Operations

P

roper financial management is
an important element of building better communities. While
responsibility for an association’s
finances rests with the board, there are
several areas in which advice should
be sought from qualified financial
professionals. The “Best Practices”

Top Hits on the
CAI-NE Website
www.caine.org

The CAI-NE website — www.caine.org
— provides invaluable resources and
information for volunteer board members
and industry professionals. Check out the
following pages.

• Condo Media Magazine:
Subscribe Today!
• Helpful Resources:
Condominium Statutes
• Feature Article:
Members Applauded at
Chapter Awards Dinner
• Resource Directories:
2013 CAI-NE Legal Directory
• Why Join CAI-NE?:
Join Today

6

Condo Media • July 2013

report on financial operations published by the
Foundation for Community Association Research
can provide some of that
advice.

Financial
Operations
& Budgeting

The board of directors,
particularly the treasurer,
is ultimately responsible
for the association’s
funds and they may not
abdicate their fiduciary
responsibility. Given the
reality that boards are
made up of a diverse
group of individuals
with varying degrees of
financial knowledge, the
report includes guidelines
that should be followed
to ensure sound financial
operations. A broad range of topics are covered including banking,
planning, disclosure, policies, record
keeping, and budgeting.
The budgetary roles and responsibilities of the board, treasurer,
owners, and association manager are
defined in a community association’s
governing documents and management contracts. These roles should
be communicated to those involved
in an effective manner to ensure that
the appropriate expectations are met,
and the report outlines the responsibilities of volunteers and professional

staff typically charged with developing
community association budgets.
The Foundation for Community Association Research (FCAR) and CAI
are dedicated to conducting research
and acting as a clearinghouse for
information on community association innovations and best practices.
As part of the Best Practices project,
other guidelines are available on
governance, reserve studies, strategic
planning, community harmony and
spirit, energy efficiency, and transition.
All the reports can be found at www.
cairf.org as a free download. CM



http://www.caine.org http://www.caine.org http://www.cairf.org http://www.cairf.org

Condo Media - July 2013

Table of Contents for the Digital Edition of Condo Media - July 2013

Condo Media - July 2013
Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Reserves
Volunteer Spotlight
Vendor Spotlight
Finance
Banking
Operations
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index
Condo Media - July 2013 - Condo Media - July 2013
Condo Media - July 2013 - Cover2
Condo Media - July 2013 - Contents
Condo Media - July 2013 - From the CED’s Desk
Condo Media - July 2013 - 3
Condo Media - July 2013 - President’s Message
Condo Media - July 2013 - 5
Condo Media - July 2013 - CAI News
Condo Media - July 2013 - 7
Condo Media - July 2013 - 8
Condo Media - July 2013 - 9
Condo Media - July 2013 - 10
Condo Media - July 2013 - 11
Condo Media - July 2013 - 12
Condo Media - July 2013 - 13
Condo Media - July 2013 - 14
Condo Media - July 2013 - 15
Condo Media - July 2013 - 16
Condo Media - July 2013 - 17
Condo Media - July 2013 - CAI Regional News
Condo Media - July 2013 - 19
Condo Media - July 2013 - 20
Condo Media - July 2013 - 21
Condo Media - July 2013 - Asked & Answered
Condo Media - July 2013 - 23
Condo Media - July 2013 - Homeowner’s Corner
Condo Media - July 2013 - 25
Condo Media - July 2013 - Reserves
Condo Media - July 2013 - 27
Condo Media - July 2013 - 28
Condo Media - July 2013 - 29
Condo Media - July 2013 - Volunteer Spotlight
Condo Media - July 2013 - 31
Condo Media - July 2013 - 32
Condo Media - July 2013 - 33
Condo Media - July 2013 - 34
Condo Media - July 2013 - 35
Condo Media - July 2013 - 36
Condo Media - July 2013 - 37
Condo Media - July 2013 - 38
Condo Media - July 2013 - 39
Condo Media - July 2013 - Vendor Spotlight
Condo Media - July 2013 - 41
Condo Media - July 2013 - Finance
Condo Media - July 2013 - 43
Condo Media - July 2013 - 44
Condo Media - July 2013 - 45
Condo Media - July 2013 - Banking
Condo Media - July 2013 - 47
Condo Media - July 2013 - Operations
Condo Media - July 2013 - 49
Condo Media - July 2013 - 2013 CAI-NE Financial-Reserves Directory
Condo Media - July 2013 - 51
Condo Media - July 2013 - 52
Condo Media - July 2013 - 53
Condo Media - July 2013 - 54
Condo Media - July 2013 - 55
Condo Media - July 2013 - 56
Condo Media - July 2013 - 57
Condo Media - July 2013 - Classified Service Directory
Condo Media - July 2013 - Advertisers Index
Condo Media - July 2013 - 60
Condo Media - July 2013 - 61
Condo Media - July 2013 - 62
Condo Media - July 2013 - 63
Condo Media - July 2013 - 64
Condo Media - July 2013 - Cover3
Condo Media - July 2013 - Cover4
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