At no time shall any funds being collected for any association or business entity be commingled with funds from any other business entity or association.

 

RESERVE ACCOUNT
At no time without prior written authorization from the Board of Directors, signed by two (2) Board members, can any funds be withdrawn or spent from any reserve account. A detail of the expenditure shall be submitted to the Board of Directors or Business Entity on CCAM letterhead. Once approval is acquired, a check will be written from the Reserve Account held by the Association on behalf of the Board of Directors of the Association or Business Entity.

All funds shall be deposited into the appropriate operating or reserve account held by CCAM on behalf of an association or business entity within twenty four (24) hours of receipt unless received on a weekend or legal bank holiday. The funds are to be entered into the computer into the appropriate account for each business entity under the correct name and address within the same twenty four (24) hour period. All checks written on any account held by CCAM will require two signatures before disbursement.