Board Members who misspend is one thing. This Palm Beach, Florida group of Board Members used their association’s money as their own personal piggy bank and now have to face the music in criminal court. The Whitehall Condominium’s owners now have to figure out how to make up the $500,000 plus that the Board Members dissipated.
Another instance of members not keeping watch of their Board Members. This treasurer got caught but only after $1.1 million was gone. Members need to keep an eye on their Boards and Officers. Particularly treasurers who have access to the money. It starts at the Board level and Board Members need to watch out for other Board Members who may not have the interest of the organization at heart. Members must stay vigilant and inspect records. If records are not being kept in an organized way and are readily accessible to review, this is an immediate red flag. It is awful that it took this volunteer fire department so long to discover the fraud here. $1.1 million is a huge hit for any organization.