Associated Professional Services will pay bills from the
Association's checking account or reserve account. The accounts are established
in the association's name: the Board of Directors will have the option of
designating Associated Professional Services, Board members, or both as
signers. Associated Professional Services will pay all recurring bills
(utilities, landscape, refuse removal, etc.) automatically. In the case of
non-recurring bills such as plumbers, electricians, and emergency repairs,
payment authorization will be required by a Board member, manager, or other
authorized person.
A petty cash fund may be established with a Board member or
on-site manager for smaller purchases: the amount is decided by the Board of
Directors. All receipts for purchases should be retained by the association
until another petty cash check is required. Receipts should be submitted at the
time a request for a check is given.