Check the accounts. Standard practice is to have a dollar threshold over which purchases or contracts need board approval. If yours doesn’t, institute one without delay. The threshold will depend on your corporation’s or association’s budget, but $2,000 is average. (A number too low woul...
only when the TOTAL assessment is 5% or less of the association's annual budget. Therefore in the case of a 25 unit association with a $100,000 annual operating budget, the Board could only impose a $5,000 assessment on the entire population ($5,000 divided by 25 units equal $200 per...