This time a treasurer of a Florida homeowners’ association decided to use her association’s bank account as a personal piggy bank. From 2003 when she became treasurer till 2015 she and her son took $123,000. Once again we see these situations throughout the country where volunteer Board members do not have unfettered access to association records and are not satisfying their fiduciary obligation as Board members.
Board members should make sure they have such access and regularly review the records. Thefts like this could be prevented or at least discovered early and minimized. There is just no excuse for Board members to sit idle and not satisfy their fiduciary obligations. This time for 12 years cost this HOA $123,000.
Read the story here.