Which process is typically involved in the handling of association funds?

The handling of association funds predominantly involves paying association bills and maintaining records. This process is essential because it ensures that the community’s financial obligations are met in a timely manner, which is crucial for the ongoing operation of the association. Maintaining accurate financial records also provides transparency and accountability, which are fundamental principles of good financial management within community associations.

By paying bills, the community association can manage its expenses effectively, ensuring that upkeep of common areas, services, and other operational needs are fulfilled. Additionally, maintaining records allows for easier tracking of transactions, providing clarity regarding the association's financial health to homeowners and stakeholders. This practice builds trust and encourages active participation within the community.

Other practices like conducting regular audits are important but typically serve as a review mechanism rather than a direct function of day-to-day fund handling. Similarly, simply collecting assessments does not encompass the comprehensive financial management needed, nor is depositing funds into a personal account appropriate or acceptable as it would violate financial best practices and legal regulations governing community associations.