Is a Forensic analysis of your HOA's Financial Records necessary?
This is a difficult question to answer - below are a few tips designed to help provide an answer.
1. Do you suspect fraud? In other words, has your HOA spent more on a project than one would reasonably expect? Are projects being awarded to vendors in a transparent manner (i.e., sealed bids)? Are vendors being paid market rates for services provided? Are Board Member or associates being paid by the HOA?
2. Are the Financial Statements provided upon request in a timely manner to the Board and Residents? If not, this is a red flag.
3. Do your Bylaws require Financial Statements to be provided? If the answer is no, this is a red flag. An HOA should be required to prepare and provide Financial Statements to its Board and residents.
4. Is the property being maintained as it should be? Or is it falling into disrepair? If you suspect fraud or misappropriation of funds, we can help. Contact us for a no obligation consultation. We can help you determine if a Forensic analysis is necessary.