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    bubbaandmuffy's Avatar
    bubbaandmuffy Posts: 1, Reputation: 1
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    #1

    Aug 2, 2008, 07:50 AM
    Bonding information
    Our neighborhood recently formed a non-profit association & some members have raised questions about being bonded. What type of bonding would we need if any? Is bonding for an individual or for the association. Is it a form of insurance? Should I just contact our insurance company & discuss it with them?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Aug 2, 2008, 08:00 AM
    Quote Originally Posted by bubbaandmuffy
    Our neighborhood recently formed a non-profit association & some members have raised questions about being bonded. What type of bonding would we need if any? Is bonding for an individual or for the association. Is it a form of insurance? Should I just contact our insurance company & discuss it with them?

    Individuals are bonded - it's a type of insurance. Call an insurance broker, see what is available in your area, what companies.

    You would each have to get a separate policy.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Aug 2, 2008, 10:56 AM
    I would assume the concern from other members is that one of the other members who has access to the money will steal it. So they will want each of those members bonded to protect the group.
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #4

    Aug 3, 2008, 01:09 AM
    If this is concerning the handling of monies of any kind, then even if people are bonded, or an individual from the group is bonded, that doesn't necessarily mean that something unlawful might occur. Best to be keeping the monies in a neutral place and handled by a professional hired from outside of the Association, I would think.

    If this is not concerning the handling of monies, then please provide us with more information as to why some members are concerned about bonding issues.

    Thanks!
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