In self-managed associations, who is responsible for maintaining accounting records?

• A. The Board
• B. The Professional Management Company
• C. The Residents
• D. The Governing Council

Answer: (A)

Maintaining accounting records is a governance duty. In a self-managed association there isn’t a professional manager handling finances, so the responsibility sits with the elected Board, which has fiduciary oversight over the association’s funds. The Board approves the budget, reviews financial statements, and ensures ledgers, bank statements, and receipts are accurate and auditable. While a Treasurer or a small finance committee may carry out day-to-day data entry and reconciliation, ultimate accountability for the records rests with the Board. Residents contribute to oversight and may request copies or audits, but they do not personally maintain the books. The Governing Council may be the same body as the Board in some communities, but the key point remains: in a self-managed setting, the Board bears the duty to maintain accounting records, not residents and not an external management firm.