By: Tiffanie Thompson, SentryWest Insurance
Who is handling the funds in your community?
I hear all the time, “We have procedures in place, that would never happen to us”.
While the majority of board members are committed and hardworking volunteers, it only takes one to behave dishonestly.
Fraud can cause serious consequences for an HOA, including financial instability, increased fees for homeowners, deterioration of community amenities, and legal action against those responsible.
The potential for fraud and theft grows when these responsibilities lie with one or two individuals on the HOA board, employees or other volunteers. But, with a few tweaks the HOA boards can quickly fill the cracks.
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