Condomiums are not for profits business enterprizes that are subject to federal, state, and local statues, rules and regulations. As well as a wide range of business related activitives. Boards needs to recuit members who have some familiarithy with these statues and business experinece or they need to get themselves educated in this matters
Make sure you have Addiquite Directoers an Officer insurance
Make sure all vendors have addequit insurance
Make sure the associatoins is following a sound accounting system with the approapriate checks and balances for the appriations and exspendachore of funds ( Association have been and will be victims of fannanical fraud by employees, board members, or managemnt companys without propeer accounting controls in place)
Porvide requested financial statements required by lawsto condomium members in a timely fashion without undo retrictions
Third Party annual Audits and Reserve studies need to implemented without fail
Reserve accounts for major replacement projects need to funded (Some states require this by statue)
All rules, regulations, and by laws need to inforced with favortism
Make sure all protenail buyers are provied with copis of all current rules and regulatios to allevate major mising undersating of permets action and activies
Make Sure all rules, regulatinos, and by laws are in writing and not just past pactice
Conduct all membership and boards as required by the condominium doc
Join Community Assoiaot instiutie and like associatins to be educted in conodominun matters
Hire property managment companies that that IREM or CAI certified property manangers is
Be sure to hire law firms that that specilaize in community associatio lwalaw
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