HOA Forensics

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.​

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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?

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2.  Are the Financial Statements provided upon request in a timely manner to the Board and Residents?  If not, this is a red flag.

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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.

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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.