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Ensure all board meeting minutes are archived in one location to ensure accurate record keeping. Work with insurance professionals experienced with associations to ensure the organization is protected from unnecessary liability. Antitrust investigations are extremely expensive, protect your organization from suspicion by having and enforcing a strict antitrust policy. The penalty for filing the association tax return late is $25 a day, this really adds up and is assessable even if you didn't realize a return was due. Provide financial information for distribution to all officers including: bank and brokerage contacts and account numbers; contacts at CPA firm; tax return schedule; record retention procedures and schedules; and insurance policy numbers and coverage. Walk into a business franchise and you will find manuals describing
established guidelines for every job. Systems eliminate errors, save time,
enhance training, and reduce risk. Consider having an Association Operations
Audit. |
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