Take 10 Steps to Head Off Financial Fraud
Keeping track of finances is an integral part of running a community association. There’s typically a regular flow of money being collected and paid out on a day-to-day basis in order to ensure continuous operations. But, although dealing with cash can be overwhelming, it’s crucial not to take shortcuts with the association’s cash management procedures. One common mistake that associations make is having the same person who prepares the checks also doing the books. That arrangement makes it difficult to tell if someone is embezzling from the association.