The Importance of Good Internal Financial Controls

Date
17 July 2018

Good Internal Financial Controls are important to keep everyone honest. In the latest HomeRun Good Practices video, we hear from Access Co-op, COHO Management, and Bridletowne Circle Co-op. Each share their role in keeping good internal financial controls, along with sound advice based on lived experiences that all co-ops can learn from.

While this video outlines the benefits of good internal financial controls, it also touches on the impact of costly mismanagement mistakes. Stay tuned to see what happens when internal financial controls break down and the impact it had for the co-op.

You can view the video on our HomeRun YouTube channel or visit our HomeRun website for more details on benchmarking and good practices.

Vacancy Costs

The average co-op loses $132 a unit a year to empty units, down from $177 in 2007. Some of this loss is by choice, because units are being refreshed for new members.