Here's a link to an interesting article from the Palm Beach Post relating to your Association's funds. All owners should take an active part in the handling of their Association's affairs.
http://www.palmbeachpost.com/news/crime/hollywood-condo-president-charged-with-stealing-from-her-643774.html?cxtype=ynews_rss
Mariel
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Heard a rumor that the same thing has happened here in CV.. Just a rumor, hopefully.
ReplyDeleteHi all,
ReplyDeleteThis sort of thing has indeed happened here in CV, and more often than you might imagine.
Embezzlement or conversion after trust of Association funds often occurs when a small number of Board members; say one or two have exclusive access to the records and funds.
It is important for all unit owners to understand that it is your money, and with reasonable request, you have access, by law, to the records of income and expense; that is, the statements and books of the Association.
Insist on your rights, know how your money is being spent. This access is the best insurance against defalcation.
Dave Israel
Our association has no debit or credit cards, and the maintenance co keeps our reserve in interest bearing account so there need be no question of embezzlement by officers. We do have a small checking account for the laundry.
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