By Deborah Goonan, Independent American Communities
Who handles the money for your homeowners, condominium, or cooperative association? Do they have at least basic accounting and investment knowledge? Can the board members balance their own checkbooks? Do they pay their bills on time? Are they trustworthy?
Today, I present to you the good, the bad, and the ugly of Association-Governed Community financial management.
One Treasurer is a hero, the other has been charged with theft of nearly $58,000.
Getting Results Award: HOA treasurer saves his neighbors thousands
John Tenuta nominated for Getting Results Award winner
Kudos to John Tenuta and Channel 6 News (Orlando) for bringing attention to an important issue.
THE BAD AND THE UGLY
Condo official’s illness starts probe that leads to grand theft, fraud charges
Condo owners had no idea where their money was going until the treasurer, Martha Susan Coppock-Highes, was hospitalized after a stroke.
A few reminders for readers:
- Always, always have at least two board members managing the bank accounts and signing checks
- Never allow one person to have unsupervised, unmonitored access to the Association’s money
- Have several sets of eyes looking at bank statements every single month
- Don’t be afraid to ask to see invoices and receipts
- If something doesn’t look quite right, be respectful, but ask questions
- Invest in an annual audit
- Consult with a CPA or tax expert when necessary