What is one of the standards of practice for community managers?

Maintaining appropriate internal controls is critical as one of the standards of practice for community managers. Internal controls refer to the processes and systems implemented within a community to ensure effective oversight, operational efficiency, accuracy of financial reporting, and adherence to compliance requirements. These controls help prevent misappropriations of funds, ensure the integrity of financial transactions, and promote transparency in the management of community resources.

In the context of community management, strong internal controls create a framework that governs the operations of the community association, ensuring that there are checks and balances in place. For instance, this can involve processes for handling finances, such as dual signatures on checks, regular reconciliation of bank statements, and clear separation of duties among community management staff. These measures contribute to building trust with community members and ensuring the sustainability of the association’s financial health.

The other options may involve practices that some community managers engage in, but they do not encompass the critical and overarching necessity for systematic internal controls that safeguard the community’s assets and promote good governance.