It is CAI’s purpose to foster vibrant, responsive, competent community associations that
promote harmony, a sense of community, and responsible leadership. Given that the fiscal
health of the association has a direct impact on every member of the community, proper
management of financial operations is an important element of building better communities.
While the responsibility for an association’s finances rests with the board, there are
numerous areas where advice should be sought from qualified financial professionals.
The board of directors, particularly the treasurer, is ultimately responsible for association’s
funds and may not abdicate their fiduciary responsibility. Given the reality that
community association boards are made up of diverse individuals with varied degrees of
financial knowledge, below are basic guidelines that should be followed to ensure sound
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