Board Meeting Good Practices - Reviewing Bank Statements
Posted on October 08, 2010 at 10:02 AM
Boards of directors should be reviewing monthly bank statements issued by the condominium corporation's bank or trust company, for both the operating and reserve fund accounts of the condominium corporation.
This step should be part of the routine of the montly board meetings, to ensure that your board is being prudent in accordance with its obligations under the Condominium Act, 1998, to manage the affairs of the corporation, and to perform the corporation's duty to control, manage and administer the assets of the corporation.
Bank statements, Reserve fund, Operating account, Duties of board
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