Section 4. Accounts and Reports

FCHOA Bylaws - Revision Date: 2022-05-20

The Management Agent shall use the following standards of performance and requirements in providing management services to the Association, unless the Board, by resolution, determines otherwise:

(a)      the accrual method of accounting shall be used.

(b)      two or more persons shall be responsible for handling cash to maintain adequate financial control procedures.

(c)      cash accounts of the Association shall not be commingled with any other accounts.

(d)      no remuneration shall be accepted by the Management Agent from vendors, independent contractors or others providing goods or services to the Association whether in the form of commissions, finder fees, service fees, prizes, gifts, credits, or any other type of fee or compensation, unless approved by the Board.

(e)      any financial or other interest which the Management Agent may have in any firm providing goods and services to the Association shall be disclosed promptly to the Board for approval prior to any purchase or execution of a contract between the Association and the firm.

(f)      financial reports shall be provided monthly to the Finance Committee, and the Management Agent will meet with the Finance Committee monthly to discuss the reports.

(g)       a monthly Statement of Revenues and Expenses showing income, and budgeted and actual expenses, and a delinquency report showing an aging of the accounts receivables shall be prepared for the Board.