bank statements

Started by JudyK10 • 3 replies • 515 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

JudyK10 (Missouri)
Posts: 1

Posted:

Requested and received copies of Bank Statements. Out of state bank, coded Deposits and Disbursals. Suspicious unidentifiable entries. Management controls access, executive board seems unable to enter the bank portal. Same management co for 15 plus years. Have tried to have private discussion with Board but they declined. I hesitate to question this at the open session of our meetings as I cannot yet prove any wrongdoing. I did post on our community web-site (a short 3 line question) and was chastised by a board member for causing people to question them and make statements. I have many more concerns.

SheliaH (Indiana)
Posts: 6,964

Posted:

It’s ok to look at bank records, but that’s only half the story. The trouble with having half the story is that people jump to the wrong conclusion and blast this all over the place, making even more people jump to conclusions. This can really get ugly when those folks know even less than you do, so you deserved to be called out for that.

Let’s leave the bank records aside for a moment – what are your concerns, and be specific. Is the association providing services the assessments are paying for? Have you had trouble getting copies of the income/expense statements? Did you READ the statements and go to the board first with your questions (maybe there’s a misunderstanding there or something does look confusing and need to be clarified)? Do you have an itemized copy of the annual budget? Does the association audit its records (should be done by an outside source)? If so, how often, and did you look at the latest report? If there were recommendations, did the board implement them? If not, why not?

Write down what your concerns are, and prioritize them, then go to the board again, apologizing for saying things without having the whole story. HOWEVER, you do have some questions about expenses and accounting and would like to discuss them with someone. Start with asking for details of how the money gets from A to B, and go on from there.

One more thing - write complete sentences to speak your piece next time. Fragments like "out of state bank, coded deposits and disbursal" don't make sense without something to start and finish with.

If it is not right do not do it; if it is not true do not say it. Marcus Aurelius

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Its possible there is no wrong doing. But you have to approach it professionally.

If they wont answer the questionable entries in private, which is understandable, ask them in public. You can write down the dates and questionable entries on paper, stand up in the meeting and say you would like to submit to the board 4 account entries that you are seeking clarification and more details of, and list them out loud and submit the paper to them to keep.

They may not be able to answer your question that night, but now its part of the record and you can ask again next meeting.

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Quote:

Management controls access, executive board seems unable to enter the bank portal.

This is typical if your mgmt company is controlling the bank accounts. Passwords and security change often at banks and if the mgmt company controls it, they control that as well.

If people do have mgmt company control the online accounts, the board should be receiving the paper copies of statements direct from bank mailing. Its to make sure the mgmt company doesn't make fake copies of bank accounts and reports and slowly embezzle all the money over years. Yep, happens all the time. Steal small amounts over 15 years and no one notices because no one sees any "real" paperwork, just the paperwork the mgmt company has created.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here