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From Discrepancies to Restitution

How we helped one HOA bounce back after three years of discrepancies.

Concerns and Suspicions

As we started to work with a new HOA client, we discover issues with the audits from the previous management company.

This raised concerns, so we sought and were able to get copies of the original audits for each of the previous three years.

Altered and Inconsistent Audits

Our evaluation of the audits revealed that there were two different versions, showing alarming discrepancies.

Some information was redacted in the copies originally sent to the board of directors. It would have required advanced financial expertise to have initially alarmed the members of the board.

We found that over $600,000 had been stolen by the previous management company.

Financial matters are among our list of expertise and services.

Restitution

It took time, but we were able to recover some of the money using multiple approaches, including through the courts and directly with law enforcement, leading to both criminal and civil judgments that led to payments from both judgments to the HOA over a number of years.

Fortunately, this kind of fraud is rare. Yet, it pays for HOA boards to have a partner with this level of financial competence.

If you have any concerns regarding the financial matters with your HOA, please feel free to call.