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.
Association need a central place for its documents. A place that board members can access and review the association’s records. In view of situations like the above one, board members must keep an eye on association business and its trusted officers.
