As Board Members you have more than likely heard the term fiduciary duty more than you care to remember. However, fiduciary duty is of the utmost importance, especially as a Board Member. As a fiduciary your obligation to the association is to act in the best interest of the association, show good faith and act diligently. Association management companies and Community Association Managers also have a fiduciary duty to the association and Board of Directors.
Most Board Members take their roles as community leaders seriously with integrity and understand their responsibility to the association. The same can be said for association management companies and Community Managers.
Unfortunately, there are and have been individuals that represent these groups with little or no semblance of integrity. Theft of association funds is becoming somewhat commonplace. News reports detail misappropriation of funds, a management company closing after employees made off with funds from several associations and a Board Member disappearing with a million dollars from an association.
If you are reading this, as stated earlier, you more than likely, have a firm grasp on your fiduciary duty to the association and Board you serve.
This notice is not meant to alarm it is meant to provide encouragement for your commitment to the Board and association and to give you confidence that Planned Development Services has controls in place to prevent theft and fraud in your Association.
The following financial controls are standard practice for PDS:
The community manager and accountant are available any time you have questions or need support regarding your association.
As a Board Member you are encouraged to review the monthly financials, review the delinquency report and ask questions. Remember you are an integral part of the association you serve and PDS is committed to providing you everything you need to serve your community.
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