Board Meeting Good Practices - Reviewing Bank Statements
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October 08, 2010 |  |
Kristen Bailey |  |
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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.
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