Non-Members: USD $99.00 (Join CAI and Save!)Theft of funds is not unusual and unfortunately, not uncommon. Practicing good risk management can mean the difference between maintaining healthy accounts and being another victim. Every year, many communities lose funds that need not be lost if associations would practice good financial controls and make certain their funds are well protected by insurance.The program will focus on the protection of association funds from mismanagement mistakes or theft of funds by community managers.
Duration: 90 minutes
Topics:
- Evaluation of management company controls.
- Protections afforded associations.
- Types and examples of misappropriation of funds.
- How to compute a proper coverage limit according to lending practices.
- Who needs to be covered under the policy to ensure the best protection.
- Why both the management firm and the association need their own separate policies.
- Making sure the managing agent's principal is included in coverage.
- What types of controls a community should have in place to make certain that losses don't happen in the first place.
- How much coverage is needed and who needs to be covered.
- Avoiding loss through controls and coverage.
- Navigating underwriting and the claims process.
- How to properly exercise the fiduciary duty.
- Preparing for the annual audit.
Robin Manougian, CIRMS, AGENT, has been an insurance agent with the John Manougian Insurance Agency, Inc., in Silver Spring , Maryland, since 1994. Her firm specializes in writing tailored insurance programs for community associations throughout the Washington D.C. , Metropolitan area, as well as the Delaware/Maryland Eastern Shore. A co-chair of the National CAI insurance committee, and a task force insurance committee member assigned by the Maryland Legislative Action Committee, Robin frequently speaks before Boards of Directors and Property Managers, educating them about the various coverage forms required by community associations and the issues that impact today's communities. Most recently, Robin sat on a panel at the 57th Annual CAI National Conference instructing seminar attendees about Crime/Employee Dishonesty coverage.
Howard A. Goldklang, CPA, is founder and president of Goldklang, Cavanaugh & Associates, P.C., Certified Public Accountants. He has been active for the past 25 years in the auditing of condominiums and community associations. Mr. Goldklang is a founder and a past president of the Washington Metropolitan Chapter of Community Associations Institute (CAI). On CAI's national level, he is immediate past President of the Foundation for Community Association Research. Mr. Goldklang is the author of CAI's GAP report "The Role of the Association Treasurer", co-editor and one of the authors of the CAI GAP "A Guide to Replacement Reserve Funds and Long-Term Reserve Funding", and is contributing financial editor to CAI's magazine, Common Ground. Mr. Goldklang is licensed in Virginia,Maryland, Delaware, West Virginia, North Carolina, Texas, and the District of Columbia.Continuing Education Credit
This program provides one credit toward:
- Certified Manager of Community Associations recertification
- Association Management Specialist redesignation
- Professional Community Association Manager redesignation
To earn credit, you must be personally registered for this program and print the certificate of completion to document your participation.
Manager Certifications and Designations
Certified Manager of Community Associations (CMCA®) /Association Management Specialist (AMS®) /Professional Community Association Manager (PCAM®) /Large-Scale Manager (LMS®)
Management Company Designation
Accredited Association Management Company (AAMC®)
Service Provider Designations and Distinctions
Reserve Specialist (RS®) / Community Insurance and Risk Management Specialist (CIRMS®) / Educated Business Partner
