Treasurers of associations are often left without any oversight. We have seen treasurers for youth sports boards, parent teacher associations, community associations and all sorts of associations steal from their organizations. In the case of Canoa Seca Estates II HOA, the treasurer was just sentenced to jail time because he took $235,267 over a six year period. Wendell Odean Byram simply wrote checks out to himself and none of the board members knew because they did not have access to the association’s financial information and didn’t oversee Byram. An association member just happened to stumble upon the theft after the money was gone when he saw an association check lying on Byram’s table made out to himself. The investigation revealed the theft but the damage was already done. Read more about Byram’s theft.
Association board members with access to financial information like the bank statements is in easy way to oversee treasurers. Office of the Board makes it easy for this oversight. The association can save the bank statements in the association’s Official Records and all the permitted members can view them. Some board members like the president who is the ultimate overseer with a fiduciary duty to do so along with the other board members, could place a watch alert on the financial Official Records of the association so whenever anyone consults, uploads or modifies a financial record in the Office of the Board, the system automatically notifies them. So if the treasurer is supposed to save the bank statements on a monthly basis and doesn’t, board members will know automatically. If the treasurer changes financial records, board members can tell because Office of the Board can alert them or reveal a treasurer’s nefarious actions in the association’s audit log.
Office of the Board allows board members to watch their treasurers effortlessly. With the protections built-into Office of the Board, associations will avoid situations like the Byram theft because board members can instantly have central access to the association’s financial records and cause the Office of the Board to watch what’s going on so they don’t have to themselves.