1. |
You need a minimum of five
board members. (Unless it is a very small corporation.) |
2. |
Two authorized board members
must sign all cheques. Not employees of the property management company. |
3. |
No one signs blank cheques. |
4. |
No hand-written receipts will be accepted. |
5. |
Insist that three written
quotes are received for all contacts over a certain cost. |
6. |
No dealings in cash. However, when there is other option, written receipts from a numbered receipt book must be given, no matter how small the amount. |
7. |
The party room and guest suite rentals must be paid by cheque and written contracts must be signed and filed. |
8. |
All board members must review their printed copy of the monthly and year-to-date financial records as part of their monthly board meeting. |
9. |
The petty cash fund is audited monthly. |
10. |
An independent audit company
conducts regular audits on the corporation's financial controls. |
11. |
All owners must be made aware of these provisions. |