What is the name of your state (only U.S. law)? GA
I'm on a condo board and the property was turned over to the residents a few months ago from the builder. The management company the builder had in place is actually owned by the builder himself. We still have this property manager employed and this person is the only signer on all of our financials. Our board never reviews/sees any physical checks, only a computer generated monthly financial report from the mgmt. company. Is there a law requiring that at least one board member be a signer with the bank? I feel that the association's finances are being put in jeopardy. Any help would be appreciated.
I'm on a condo board and the property was turned over to the residents a few months ago from the builder. The management company the builder had in place is actually owned by the builder himself. We still have this property manager employed and this person is the only signer on all of our financials. Our board never reviews/sees any physical checks, only a computer generated monthly financial report from the mgmt. company. Is there a law requiring that at least one board member be a signer with the bank? I feel that the association's finances are being put in jeopardy. Any help would be appreciated.