Financial Transparency and Building Trust with Owners

Discusses the importance of financial transparency in building trust between condo owners, board members, and property management companies. It emphasizes the need for trust to be established among board members and between the board and management company before focusing on building trust with owners. The article suggests seeking professional advice if trust issues arise between the board and management company, and it highlights the importance of open communication and documentation. The article provides tips on building financial trust with owners, including being familiar with financial records, bringing relevant documents to meetings, ensuring monthly reconciliations of accounts, and maintaining transparency. It also warns about the risks of failing to maintain financial trust and suggests due diligence in selecting reputable management companies. The article emphasizes the need for transparency, accountability, and proper financial management to prevent potential financial disasters.