What are fiduciaries and what do they do?
Property decision makers have an obligation to make choices that best serve the property needs. As fiduciaries, they are required to manage the finances of the property including operating budget, savings and checking accounts, and the reserve account. Most associations hire professional management companies to assist with operating budget, savings, and checking accounts. A prudent council of fiduciaries seeks help from a professional to educate them and empower them to develop and maintain a strategic reserve account.
