Boynton Beach Condo President ARRESTED!!

Today the Sun Sentinel reported that the Boynton Beach Police Department arrested the President of a Boynton Beach Condo Association for stealing $166,646.00 from the Condo Association bank accounts.

The Board President allegedly used the money he stole for several trips to Disney World, art work, jewelry, and even cash advances. You can see the detailed article at http://www.sun-sentinel.com/news/palm-beach/boynton-beach/sfl-boynton-hoa-theft-p072109,0,954367.story

As a Management Company, we establish financial controls for all of our client communities. Our Boards receive timely financials, along with easy access to reports, invoices, and other financial documents. We recommend a dual signature policy be adopted by the Board requiring two signatures for any and all checks paid out. Our Accounting Department consist of several employees who handle the bookkeeping, reconciling, and depositing, in addition to a property manager reviewing the financial statements, having these controls as a Board and within the Management Company allow for increased security of Association funds, and definitely deter this kind of behavior. In addition to increased security of Association funds, many Directors & Officers and Crime/Bond Insurance Policies are not only requiring that these control policies be put in place, but may also request proof that the procedures are being used effectively. These type of controls protect the Association, it's Board of Directors, Unit Owners, and the Management Company and it's employees. Our office also recommends and may establish several additional financial controls on behalf of our client communities. If your Association does not use any of the above financial controls or you are unsure, contact us for more details.

Unfortunately for Associations, these kinds of instances seem to be occurring more often, and I'm glad local authorities, along with state authorities and the Attorney Generals Office are taking proper action in protecting the rights of all Association Members.