Embezzle: To steal money that you have been trusted with.
I enjoy researching and reading all things related to Condo/HOA living. I do so not only because it keeps me up to date in the arena of association living but I find it intriguing and at times, a bit comical.
Today I found two articles on my LinkedIn feed and three online about Board members embezzling from their own community associations. One was regarding a former HOA President sentenced to 5 years in prison for embezzling over $180,000 from her association and another was about a Treasurer who stole over $100,000 from her HOA!
Your association is a corporation so it should be run like the business it is. The financial records should be audited regularly by a CPA unrelated to any board or association member and vetted by the association. It would be wise to run background checks on your officers prior to placing them in office – you’d be surprised what you may find. Always attend association meetings and board/special meetings that are open to all members when possible and finally, rotate board members. Complacency in allowing the same members to sit on your board year after year can be a recipe for trouble. Penny wise & pound foolish = $$$ lost.
Click on the “Word of the Day” above to link to a jaw dropping, but not surprising (and unfortunately not uncommon) story of a former HOA President who embezzled over $180,000 from her HOA.
Embezzle. (n.d.). Merriam Webster dictionary app.