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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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| Author |
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RogerB
(Colorado)
Posts:3726
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| 06/07/2006 7:18 AM |
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Is your HOA protected against theft? You may not think it could happen but it is more common than you think. Below is the beginning of an article which is linked on HOAtalk.
DARCO has elimated the possibility of theft by our Management Agreements. We will not be signees on accounts and will not write checks. We handle accounts payable by receiving invoices and confirming they are correct, we prepare checks and provide them to the Treasurer for signing, and we mail payments. We accept only payments for assessments which are made out in the name of the HOA and these are deposited in the HOA's account. T
These procedures do not prevent theft by Board members who are the only signees on financial accounts. Protection is provided by fidelity (theft) insurace.
2 indicted in embezzling case
By Beth Musgrave
HERALD-LEADER STAFF WRITER
A Georgetown man and a Florence woman were indicted last week on charges of embezzling more than $135,000 from at least a half-dozen homeowners associations.
Michael Kirk Byars of Georgetown and Catherine W. Baer of Florence were indicted on charges of wire and bank fraud late Friday. Byars and Baer worked for Association Management and Consulting Services of Georgetown.
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Roger Borcherding
Official HOATalk.com Sponsor
DARCO Property Management (Colorado)
(303) 925-0150 
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
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WilliamS1
(South Carolina)
Posts:58
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| 06/07/2006 5:29 PM |
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Interesting -
We are a 110 town home hoa built in the late 1970's. Currently about 40% (a load of money) of our budget goes into maintenance. We have a man who coordinates maintenance on our board taking in all bids and scheduling the work to be done.
Our PM has a small construction company as part of their business portfolio and they get about 80% of all our maintenance requirements. It is very convenient for them to do the work because they are familier with the place, are willing to do small jobs and overall have proven themselves to be fairly reliable at getting things done. This is not the case for many many small contractors.
Our board maintenance coordinator is very trustworthy, however I feel that this situation could allow a corrupt situation between he and the MC. I don't feel like we always get enough bids in, keeping the situation as competative as it should be.
Question - What type of systems or oversight is usually suggested or required in this situation to keep people honest? No Fire, No Smoke but wanting to safeguard the area.
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RogerB
(Colorado)
Posts:3726
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| 06/07/2006 8:13 PM |
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William, for small jobs having the PM do maintenance is often the best choice. I write this option into our Agreements with a stated per hour charge. For larger project sealed bids can be obtained and should opened in the presence of the Board to provide oversight.
For those who wonder where is the breakover between small and large jobs, that can be established by:
a)will three contractors give you a bid;
b)does it cost more to get the bids than the effort justifies; and
c)is there a time restriction which will not allow the time necessary for a bid process. |
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Roger Borcherding
Official HOATalk.com Sponsor
DARCO Property Management (Colorado)
(303) 925-0150
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
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DeAnnW
(Virginia)
Posts:18
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| 06/08/2006 5:00 AM |
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Our association is currently involved in an ongoing lawsuit from 2004. Our old property manager, along with two board members, and the two maintenance staff members developed a good system to clean out the association's funds.
Our association had to learn the hard way how important it is for the board to be involved in the day to day operations. Sadly enough, out of 9 current board members only three or four of us actually get involved in the day to day operations. |
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JohnM3
(Florida)
Posts:208
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| 06/12/2006 9:28 PM |
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Wanna have some fun be the treas in a complex of 305 homes ina hurricane belt where there are no contractors available to do much of anything its if you can find someone to do it and the price is not too far off base do it period. I usually post the board with a email to wait a month for a meeting is a disaster.
Wilma did a lot of urban renewal in our area of florida yes we still have stuff still not fixed everything takes time and the season has just started again and we are about to loose the best gov florida ever had. Yuk on term limits |
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