Thursday, April 26, 2012
expenditures of condo ass
i wonder does the oficer o the condo have free reign on how to spend the ass .money.. seems like there should bw some check or balnce on items..say ones over 250 or so what he or she considers important may not be by other members.im not :talking about minor items..what do u think??
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The treasurer should be able to spend up to a designated amount -- say $50 without approval, but all costs above that should be board voted. That's what the board is for.
ReplyDeleteFirst you get frugal Officers with a penchant for DIY :-)
ReplyDeleteBoard meetings create a budget with $$ for each line item – that is one control.
You require 3 competitive prices for any purchase.
We have SOPs, eg we only buy bushes and trees, no annual plants that require extra care and die.
There is a $50 petty cash for supplies.
Emergency purchases (eg to prevent further damage) outside the budget require Board mtgs. or some discussion.
That is how we do it.
(Who were you calling 'ass'!)