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It is Spring which can only mean: spring forward, spring cleaning, spring training, March madness and annual meetings!

Mar 1, 2023 | Banking & Lending, Blog, Chapter Happenings Sponsor, Common Interest Communities, Community Associations, Financial: Money, Banking, Insurance, Wealth Management

If it is March, it must be Annual Meeting time.  Chances are you are thick in preparation for one of the most important meetings of the year.  The chance to bring the owners of the community together to not only review last year but also elect officers and plan the year ahead.  This is also a perfect time to review your banking relationship.

Some Areas To Consider Include:
  • Review signing authority. When was the last time the Board checked who has signing authority on the Association’s bank accounts?  The election of officers at the annual meeting is the perfect time to document authorized signers.  The minutes should include who is authorized to sign on the Associations behalf and the removal of any current signers no longer on the Board.  Be sure and sign and date the minutes and send to your Relationship Officer at the Bank.

  • Do balances exceed FDIC insurance levels? If reserve balances are over $250,000, reach out to your Relationship Officer and discuss solutions on how to obtain FDIC insurance on total balances without needing to open accounts at multiple banks. 

  • Where is the money? Download your Bank’s mobile app and sign up for alerts.

  • Review your major expenses. Is the Association on track to meet its capital maintenance obligations?  If there are major expenses looming that may exceed reserves, reach out to your Relationship Officer and start the discussion now on potential loan options.


First Published:  March 1, 2023

By Jill Jones

By Jill Jones

Senior Vice President, HOA Lending Officer

Your local HOA Bank – working in your community, for your community.  Effective March 1, Columbia Bank has merged with Umpqua Bank.  Together to serve our community association community better than ever.  “Better Together”

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