Board and property manager hiding $350K mistake in HOA reserves

Posted on Mon, May 10, 2010 @ 07:41 AM

hoa reservesI was on the our HOA board and volunteered for the budget committee. We located well over $350,000 of errors in the $897,000 HOA reserve. Records show this has been going on for three years. Even through I have a witness when finding these mistakes the BOD and Property Manager wanted to hide them from the owners. At the annual meeting they denied they were aware of any mistakes and this was the first they heard about it. This was an outright lie to the owners. Some of this is documented via email and the corrections made on the final reserve. In the process we were repeatedly denied all financial records. The HOA Board pushed the budget thru even known there were more errors to deal with. Does anyone know if legal action should/can be taken?

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Tags: Budgets & Finance, Condo Reserves