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Some associations have most of the tools they need to manage the affairs of their community. Volunteerism is sufficient to tackle all that needs to be done. So, why then might one engage the services of a management company rather than hire an accounting or bookkeeping firm. Why not save more money and have volunteers do the accounting, write checks, bank reconciliations and collections.
Here is why a prudent Board might want to outsource this service.
- Handling members money and their accounts is a serious responsibility
- Outsourcing assures consistent, timely business practices.
- Volunteer Boards are subject to Statute 718 and 720 and their ignorance thereof is no excuse
- The Prudent Man rule is the basis to determine liability of Board members. Boards are required to use good practical sense and act prudently on all community matters
- A Board member can be held accountable for the actions of other Board Members
- Boards seldom encounter liability, personal or otherwise, when the association utilizes the financial services of professional management
Here is why a Board might want to outsource this service to the Vanguard Management Group rather than an accounting firm.
- Vanguard has considerably more experience with the statutory way to handle the business of the association
- Software and systems in place that are specifically designed for condominiums and homeowner associations
- Management software provides collection features not typically found on standard accounting software
- Management software provides for reporting owner's notes and reports the show the legal status
- Simple administrative services are often included:
- Proposed budget preparation
- Assistance with meeting notices and mailings
- Timely filing of corporate state and federal filing requirements
- We share articles and legal updates with our members at no cost
- We are available for counsel should the need ever arise
- We are here to pick up should volunteers resign.
For a detailed look at our financial services, click here.
Curious about our administrative services, click here
Click here for a no-pressure proposal or just for more information.
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