Question:
What is the first line of action when you find out your money has been stolen from reserves, your manager has not informed the board of money removed to pay vendors without informing the board after the board has requested to be informed before removing money other than for utilities. Has gotten behind monthly bills and not paid with our Hoa fees. Approximately 11,100 dollars have disappeared. No one accepts responsibility.
Please advise if possible. We owe that amount of money to vendors.
– Linda
Answer:
Hi Linda,
First, get in touch with your insurance provider to assess your HOA policy regarding theft coverage. Then, consider hiring a CPA to conduct a forensic or specialized audit targeting potential fund theft. Reach out to your association’s attorney to explore legal recourse and involve law enforcement if necessary.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
