[Board Member]

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We are mostly a new board. the past president was voted out but took the position of treasurer. When switching the names on the checking account it was set up for three signatories on the account. Isnt it a conflict of interest to have the treasurer as one of the signatories as it only has two signatures to pass a check? Does that mean that the treasure and the secretary on the account can write put check without the president approval signature?

[paul.petrulis@realmanage.com]

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As you describe it, I don’t think is is a conflict of interest, but it does seem a bit strange. Yes, the Secretary and Treasurer can write a check if they are signatories. If your Association is professionally managed, they should be discussing with you about having TWO signers/approvals for each check, that way, no individual can write a check.

If you are self-managed, you may want to engage the bank you are using to require two signatures per check when presented for payment. Without two signatures, the check can’t be cashed/processed.

Hope that helps!

Paul Petrulis
RealManage Family of Brands
Tampa, Florida

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