In the story above, we hear from a Chattanooga area Homeowners’ Association who is investigating up to $22,000 of funds that went missing from the HOA’s bank account. It turns out that this money was withdrawn by the Board President over a period of a few years and wasn’t discovered until another Board member noticed a suspicious ATM withdrawal on the bank statement.
Your association needs safeguards in place to prevent this from happening to you. These safeguards come from the Board analyzing regular financial reports and from the Board or management company being completely transparent about financial activity. As an association management company in Knoxville, we pride ourselves in being detailed and transparent when it comes to financial matters. We provide your association with monthly bank statements and encourage each member to analyze the bank statements and financial reports thoroughly. Don’t let this happen to you! Put your financials in trustworthy hands.