kelly@wesselaccounting.com

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  • in reply to: HOA Spending is out of control, what can be done about it #376549
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    Dear KMA1313,

    I am a forensic accountant and consultant in SC and have done many forensic audits of HOAs and their managers. The first thing I usually tell my clients is to read your Covenants and By-laws carefully to see what the Board is actually allowed to do. They shouldn’t be able to amend these documents without a vote by membership, if at all. Once you have a good handle on what is and isn’t allowed you will probably have a good idea of what to do. If the Board is breaking the rules, that will need to be brought to their attention, if they don’t stop, you need a new Board and probably an audit of documentation (accounting records, bank statements, etc). I hope you can accomplish this without hiring an attorney and paying for an audit. Also, hiring a property management company should be an item on the agenda for your next HOA meeting. Good luck!

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