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Questions that require a lengthy and more thorough answer may be found on the Articles page.
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Answer:
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Yes, a board member or homeowner can manage the association finances. However, the board should understand their fiduciary responsibility for oversight. Regular written financial reports submitted to the board, an annual independent review (audit, compilation, or review), and a fidelity bond are best practices. Some state laws governing non-profit corporations and homeowner associations are specific about compensation for services, financial responsibility, record keeping, and reporting.
The board may want to ask an attorney to review the association’s governing documents and draft a written response to this question. If so, I strongly suggest that the association use an attorney with experience in community association law. Check the HOA-NC Legal Directory on the home page of our website. www.hoa-nc.com
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