Five Safeguards to Prevent Fraud and Keep Association Funds Secure
Your community is essentially a business, which is why financial stability and professional funds management is so important. Sentry prides ourselves on having five processes in place to guard against financial improprieties. They are:
- Sentry Management is an Accredited Management Organization® granted by IREM. Very few community management firms have this designation. It requires Sentry to maintain the highest security measures and financial standards in guarding against manipulation or fraud. How did we achieve this accreditation? We keep accounting, collections, and accounts payable functions separate. One person cannot authorize payment and cut a check. These built-in divisions are the checks and balances your community needs to run a thriving business.
- Sentry has no owned or affiliated service companies or vendors. There is never an opportunity for self-dealing relating to contractors.
- The Board Room function of CommunityPro®, the online proprietary administrative system of Sentry, provides electronic transparency to Board members on all routine business and financial transactions.
- A professional financial department processes payments at Sentry. One of the many benefits we provide is an in-house accounting team. Accounting provides comprehensive monthly reporting, guards against fraud, and manages association bank accounts, payroll, insurance, and taxes.
- Superior insurance coverage is maintained by Sentry Management. Sentry maintains advanced insurance and bond coverage, including $10 million umbrella policy, one million dollars in forgery and three million dollars in general aggregate and product coverage.
Sentry Management is a full-service community management company. Sentry’s business is the day-to-day operation of communities, homeowner associations, and condominiums. Sentry is accredited as an AMO® (Accredited Management Organization) by the Institute of Real Estate Management, providing independent evaluation that Sentry has one of the highest operating and financial standards in the industry. View our full list of services here: http://www.sentrymgt.com/for-association-boards/services/.