1

Have annual operating budgets, modernization and improvement budgets, and replacement reserve spending plans approved by the Board?

2

Have five- or ten-year capital plans for all estimated capital needs (replacement, modernization and improvement) that are updated and reviewed annually by the Board?

3

Carry out annual cash flow planning?

4

Have a long-range capital plan to replace/upgrade buildings at least 15 years prior to expiry of the mortgage and operating agreement?

5

Make adequate provisions for the replacement reserve in the annual operating budget?

6

Safely and productively invest security deposits and reserve and operating funds not needed in the current period?

7

Use internal financial controls designed and periodically reviewed by a professional accountant?

8

Use an accounting system designed and periodically reviewed by a professional accountant?

9

Comply with generally accepted accounting principles (GAAP) for financial reporting?

10

Report financial results (revenue and expenses, cash flow) to the Board on a monthly basis and take quick action on any problems?

11

Arrange for an annual external audit and report the results to the Board for action and approval of financial statements?

12

Carry adequate building and liability insurance?