We’ve seen it time and time again. Association treasurer steals from organization. It happened again in Ohio where a condo treasurer made 48 withdrawals from the association’s account into his personal account from 2016 to 2017. It was not until this year that the board members realized what was going on. Here’s more.
Board members like that one were not looking at the bank statements. Why? They didn’t have access to them. Every board member should be keeping an eye on their association’s financials and its treasurer. They have a fiduciary duty to the organization and its members to be doing so. With records like bank statements not in one central place, it is really hard to have effective oversight to avoid situations like this one.
With an Office of the Board, an association has a central place for its documents. Board members can log in from anywhere, whenever convenient for them, and take a look at the association’s records. They can even set a watch alert which notifies them when a record added or if one is modified. With an Office of the Board, it is really simple to keep an eye on association business and its trusted officers.