SamW (Tennessee)
Posts: 1
Posts: 1
Posted:
Are the current HOA officers liable for the actions of a former board member who stole money and then paid it back when they were caught?
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HOA Liability for Officer Embezzlement
Started by SamW • 3 replies • 1402 views
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RogerB (Colorado)
Posts: 5,067
Posts: 5,067
Posted:
No Sam.
The HOA was fortunate to get the money back.
The HOA was fortunate to get the money back.
JM2 (Oregon)
Posts: 439
Posts: 439
Posted:
Hi Sam:
CAI has a book on setting up policies and procedures to help prevent "financial irregularities." Go to:
http://www.caisecure.net/index.mv?p=R0036
JPM
CAI has a book on setting up policies and procedures to help prevent "financial irregularities." Go to:
http://www.caisecure.net/index.mv?p=R0036
JPM
TF1 (Maryland)
Posts: 5
Posts: 5
Posted:
The HOA should have in place loss/crime liability coverage that would address such acts by Board members. Such insurance requirements are required under our bylaws.
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