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has the fiduciary duty to act in the best
interest of the association.
How Can Associations
Protect Themselves
It is certainly eye opening to con-
sider the funds the members of the
association are contributing monthly
could be syphoned and not used
for their intended purpose. It is very
important that all board members
have an understanding of the controls
in place with their management com-
pany or in-house staff to mitigate risks.
Once the procedures and policies are
outlined and in place it is even more
important to ensure that those proce-
dures are being properly followed. An
organization can have the best proce-
dures and policies, but if they are not
properly implemented they have little
actual value to the association. A few
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