037 | Avoiding HOA Fraud

HOA Insights: Common Sense for Common Areas

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Learn to detect and prevent HOA fraud with these key steps. Safeguard your association’s funds and inspire transparency among your community!

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In this episode, we break into the complexities of HOA fraud and prevention methods. Join experts Russell Munz and Robert Nordlund as they discuss the fine line between cost-saving and fraud, emphasizing transparency in reserve accounts. Learn about the common fraud methods within community associations, from forged checks to financial mismanagement by companies and vendors. Discover the key steps for HOA board members to establish checks and balances, including financial reporting, proper bidding processes, and regular audits. As a bonus, we’ll cover the importance of homeowner involvement in financial oversight.

Chapters from today's episode: Avoiding HOA Fraud
00:00 Intro to Avoiding HOA Fraud
02:38 How Much Money to Hold in Operating Account
04:38 Is Fraud a Real Concern for HOA Reserves?
07:06 How Fraud is Usually Done
12:22 Is Pretty Cash an Issue?
13:28 Can Zelle or Venmo Be Used?
15:42 “Innocent” Forms of HOA Fraud
17:25 What To Do As a Homeowner If You Suspect Fraud
18:50 Should Multiple People Have Access?
19:45 Spotting Fraud in Your HOA
23:15 Does a homeowner Have a Right to Ask for Reports?
27:02 Should Financial Info Be Sent Monthly?
28:36 Tips for Financial Management
The views & opinions expressed in this program are those of the Hosts & Guests, intended to provide general education about the community association industry. The content is not intended to provide specific advice or recommendations for any individual or organization. Please seek advice from licensed professionals.

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Julie Adamen
https://www.linkedin.com/in/julieadamen/
Kevin Davis, CIRMS
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Chapitres

1. Intro to Avoiding HOA Fraud (00:00:00)

2. How Much Money to Hold in Operating Acct (00:02:38)

3. Is Fraud a Real Concern for HOA Reserves? (00:04:38)

4. How Fraud is Usually Done (00:07:06)

5. Is Pretty Cash an Issue? (00:12:22)

6. Can Zelle or Venmo Be Used? (00:13:28)

7. “Innocent” Forms of HOA Fraud (00:15:42)

8. What To Do As a Homeowner If You Suspect Fraud (00:17:25)

9. Should Multiple People Have Access? (00:18:50)

10. Spotting Fraud in Your HOA (00:19:45)

11. Does a homeowner Have a Right to Ask for Reports? (00:23:15)

12. Should Financial Info Be Sent Monthly? (00:27:02)

13. Tips for Financial Management (00:28:36)