CONDOMINIUM ASSOCIATION FIDELITY BOND APPLICATION
Name of Association Effective Date
Address Bond Amount
Association Officers to be Covered Premium: 1 year 3 year
Position with Association Authorized to sign checks 1. Yes No 2. Yes No 3. Yes No 4. Yes No 5. Yes No 6. Yes No
Internal Controls Countersignature of checks Required Not Required If required, over what amount? By whom? Position within association Bank Account Reconciliation Are bank accounts reconciled by someone not authorized to deposit or withdraw? Yes No Are bank accounts reconciled monthly? Yes No By whom? Position within association Audits How often are audits made? None Monthly Quarterly Annually By whom? CPA Public Accountant Internal Date of Last Audit Were any discrepancies found in the last audit? Yes No If yes, explain. Prior Losses Any losses in the last 5 years? Yes No If yes, explain. Prior Bonding? Yes No If yes, why moving?
*If coverage for a Property Manager is needed, complete reverse side
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Form F3380-1-2016 Property Management Fidelity Questionnaire
Name of Property Manager and/or Property Management Employees to be covered:
Address:
Year Business Started: Number of Properties Managed:
Number of Employees who have access to condo association funds: Employee Names: , , ,
, , ,
, , ,
1. Are checks made payable to the condo association or the property manager?
Are payments sent to the: condo association property manager bank lock box
2. Are rents, fees, assessments or other monies deposited into the property managers' accounts? Yes No
If yes, are the funds commingled with other funds? Yes No
3. Are condo associations' funds maintained in accounts separate from the funds of other condo associations managed by the same property manager? Yes No
4. How often does the property manager submit each property's financial report to the association for review?
5. Is the countersignature of a condo association officer required on checks written by the property manager? Yes No If yes, is there a discretionary authority limit allowing the property manager to disburse funds without association approval?
Yes No Limit
6. Does the Property Manager have other fidelity coverage? Yes Carrier Policy Limit No Does the property manager's fidelity policy include coverage for "property for which they are legally liable"? Yes No
7. Does the property manager have regular CPA audits performed at least annually? Yes No
8. Are the property managers' accounts reconciled at least monthly by employees who are not authorized to sign checks, make deposits, or withdrawals? Yes No
9. Does the property manager perform background checks, criminal history, drug history and prior employment on all employees? Yes No
Completed by: Date: Title: