Volunteer boards of directors of condominiums, cooperatives and homeowners' associations often perform a number of functions vital to the successful self-governing of the association: fostering community harmony, maintaining common areas and establishing and enforcing rules.

The ability of the association to perform these functions depends upon its success as a business. And one of the most important business functions of the board is to oversee the association's financial well-being. Here are 15 tips to help protect association finances. Before implementing the suggestions in this pamphlet, however, check your governing documents and state statutes.

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