10 Signs of Possible HOA Fraud, Theft or Mismanagement – Florida – Part 2

Описание: 10 Signs of Possible HOA Fraud, Theft or Mismanagement – Florida – Part 2
CADISA INC 2050 Coral Way Ste. 402, Miami, FL 33145 Miami Property Manager https://cadisainc.com Phone: 305-860-2935

For the Part One video:    • 10 Signs of Possible HOA Fraud, Theft or M...  

Fraud and mismanagement of Home Owner Associations and Condo Owner Associations are very prevalent in Florida. HOA Boards and unit owners should avoid being deceived into a false sense of security by utilizing accountability with checks and balances to prevent or uncover most incidents.

How do you rate YOUR HOA?

The first indicator may be a feeling of something’s just not right. Then begins the numerous complaints from homeowners about financial matters or management practices. As pressure builds, the Board of Directors begins to show disregard for member input or concerns regarding financial issues.

When that happens, it’s time to check the following signs to see if a further investigation may be needed.

6. MISUSE OF RESERVE FUNDS:
Use of reserve funds for non-designated purposes.

Failure to maintain adequate reserve funds for future repairs or improvements.

7. FAKE INVOICES OR VENDORS:
Invoices from fictitious vendors or vendors with ties to board members (or property managers) who continue to do sub-standard work.

Payments made to vendors without proper documentation or verification.

8. LACK OF BIDDING:
Projects seem to bypass the bidding process and are given to friends, family, or non-eligible board members.

9. INADEQUATE FINANCIAL CONTROLS:
Lack of segregation of duties in financial management, allowing for unchecked authority.

Weak internal controls that could be exploited for fraudulent activities.

10. RESERVE FUND SHORTAGES:
Failure to fund or replenish reserve accounts as required.

Depletion of reserve funds without proper explanation.

If you notice any of these signs, it's crucial to address your concerns promptly. Consider consulting with a lawyer, conducting an audit, or bringing the issues to the attention of the appropriate authorities or regulatory bodies overseeing HOAs in your area. Again, transparency and accountability are keys to preventing most incidents.

If your HOA or COA is looking for a new property management company in Miami and surrounding areas, then give us a call today and see how CADISA can make a difference for your community.
When you are on our website download our free ebook on how to switch your property management company, “How To Replace Your Current Condo HOA Management Company.”

CADISA INC
2050 Coral Way Ste. 402
Miami, FL 33145
Phone: 305-860-2935
https://cadisainc.com

Share this video:    • 10 Signs of Possible HOA Fraud, Theft or M...  

Share this playlist:    • Property Management Services Miami  

Related videos:
   • 10 Signs of Possible HOA Fraud, Theft or M...  
   • Best Miami Property Manager Companies - CA...  
   • How To Replace Your Condo Association HOA ...  

Find us on Facebook:   / cadisainc  

Read our reviews:
https://g.page/r/CQm2YumGW7GgEB0/
https://goo.gl/maps/JM2BLouCGd4txWeg8
https://goo.gl/maps/mdTBBJF2g2EH7Nsa7

10 Signs of Possible HOA Fraud, Theft or Mismanagement – Florida – Part 2

#HOAfraud #PropertyManagement #HOAMiami