Who should be signing association checks?

Board officers should be the signers on the association's accounts, with the Management Company as an authorized agent for defined operating disbursements rather than an unrestricted one. The exact structure varies, but the controls that matter do not.

What good practice looks like: accounts in the association's name and tax ID; at least one Board officer as a signer; a dollar threshold above which a Board signature or approval is required; dual authorization for anything above that threshold; no single person able to both initiate and approve a payment; and reserve accounts requiring Board authorization for every withdrawal without exception.

Several states set specific requirements — some require Board approval for reserve disbursements, some require two signatures above a stated amount, and some require the association to be named on the account. Check yours rather than inheriting whatever the last manager set up.

Then ask what the fidelity bond or crime policy covers and for how much. The standard advice is coverage at least equal to the maximum funds handled at any point, including reserves and any anticipated special assessment. And confirm the policy covers the Management Company's employees, not only the association's own volunteers — that gap is common and it is the exact exposure the bond is supposed to close.