AminB
Posts: 313
Posts: 313
Posted:
I am having some questions about discrepancies financial in my HOA insurance distributions for Hurricane Ike. I asked these questions (prepared by my accountant) from my management company and instead of addressing my questions, they just asked me to come over and look at their documents. They did not want to reveal the uncollected maintenance fees during years 2009 and 2010 which would have helped my accountant answer my questions.I posted my questions here also and asked from other people who have been in similar situations to give me advice. Ofcourse I got some advice here as to take their offer and go there and check what they wanted me to see. That was the same advice that my attorney gave me and also offered to go with me charging me $500. Knowing better than to go as a non-accountant and my attorney a non-accountant also and waste my money and time, I refused and instead ordered the audits for those years. The uncollected maintenance fees were there as well as other information that my accountant needed and he came up with discrepancies in the amount of insurance received and deposited which was over $16,000. Unbeknownst to me, over $74,000 was also unaccounted for which was the difference between the total check issued by the insurance company and what the homeowners who suffered damage got paid.
The quest has come to a new phase. I asked these from the property manager whose company was responsible for those reports. She immediately forwarded the questions to the Controller. I asked the Controller about the two amounts of money. For the $74k she just wrote that all the money received from the insurance company was deposited in a bank account without being specific about the $74K. About the $16K she just wrote that she acknowledged the discrepancy and just said she has to get with the auditors to see how they came up with these figures. It has been about 3 weeks and no answers. I aksed for a time frame and she did not even give me a time frame. She keeps telling me as to such an important question that would take their integrity under question, that she is just too busy.Please note that I have asked the same question from the Board and they are silent. Ofcourse I knew that they most probably have their hands in the cookie jar too. the distribution was handled under their supervision also. Now my question is, if somebody knows what would be the best next course of action, because I am pretty sure they won't have a good answer. I am very strongly suspecting fraud. This is what happens when common man has unchecked powers.What should I do? Should I call DA, Comm. Assoc. Inst.,or some other institution ? You see, when common man grabs power, he tries to close all avenues that would be easy to check on his fraudulent activities. I understand , being an HOA, the choices for seeking grievance are severely limited. Would appreciate your helpful input though.
The quest has come to a new phase. I asked these from the property manager whose company was responsible for those reports. She immediately forwarded the questions to the Controller. I asked the Controller about the two amounts of money. For the $74k she just wrote that all the money received from the insurance company was deposited in a bank account without being specific about the $74K. About the $16K she just wrote that she acknowledged the discrepancy and just said she has to get with the auditors to see how they came up with these figures. It has been about 3 weeks and no answers. I aksed for a time frame and she did not even give me a time frame. She keeps telling me as to such an important question that would take their integrity under question, that she is just too busy.Please note that I have asked the same question from the Board and they are silent. Ofcourse I knew that they most probably have their hands in the cookie jar too. the distribution was handled under their supervision also. Now my question is, if somebody knows what would be the best next course of action, because I am pretty sure they won't have a good answer. I am very strongly suspecting fraud. This is what happens when common man has unchecked powers.What should I do? Should I call DA, Comm. Assoc. Inst.,or some other institution ? You see, when common man grabs power, he tries to close all avenues that would be easy to check on his fraudulent activities. I understand , being an HOA, the choices for seeking grievance are severely limited. Would appreciate your helpful input though.