Financial Control & Protection Resources

Typically operated by volunteer board members without accounting expertise, homeowners associations are more vulnerable to embezzlement than most businesses. Fidelity insurance coverage provides valuable protection against such a risk; however, such coverage typically is subject to such strict notice and reporting deadlines that delayed reporting of suspected theft can result in a coverage denial. This session provides tips on fraud detection, fidelity claims, prosecution and theft prevention.

How many times will we read about embezzlement and fraud in other communities before taking steps to protect our own association assets? This webinar addresses ways board members, managers, management companies and accountants can prevent, detect and minimize financial vulnerability to fraud, theft and other white-collar crimes.

Theft of funds is not unusual and unfortunately, not uncommon. Practicing good risk management can mean the difference between maintaining healthy accounts and being another victim. Every year, many communities lose funds that need not be lost if associations would practice good financial controls and make certain their funds are well protected by insurance. The program will focus on the protection of association funds from mismanagement mistakes or theft of funds by community managers.