HOA Owners Wiped Out, $120k Plus Missing

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Like many community associations, the Lakeshores Homeowners Association did not have an office framework for its association board.  Records were everywhere, nowhere, in the hands of multiple different people.  There was no accountability or oversight without a framework around the board and the HOA’s financial and other records.  After the treasurer died and the president resigned, a forensic audit was done and the owners learned that at least $123,000 of their hard earned money was gone and because there was no central record repository or audit trail, figuring out who stole their money was going to be virtually impossible.

In Marie Warshofsky’s words (an owner for 39 years), “[i]t just shows that there was incompetence or culpability everywhere.” “There’s got to be some responsibility on the board.”  “I know nothing about running a business — and even I know that was so basically wrong.”

With an Office of the Board instantly in place, board members and their owners can rest at night.  Just like any business, the association’s records, emails, governing documents, everything, is in one place, accessible whenever and wherever required.  Situations like the Lakeshore Homeowners Association is experiencing are resolved with an Office of the Board.  Read more here about what happened there. If your association is like Lakeshore, demand that your association have an Office of the Board. Don’t wait until damage is done.

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