Sadly a couple of our past HOA officers have recently been charged with Fraud.
As the community grew, so did the coffers. Evidently the temptation and lack of checks & balances was too much.
We got bamboozled in the past for a $140K loan from the HOA to a HOA employee.
For those in a Baja HOA how goes the battle to keep the $$$ under control???
PaulW - 3-25-2021 at 03:37 PM
HOAs have to be closely watched. Best to become involved and force audits regularly.wilderone - 3-26-2021 at 10:00 AM
Study your CCRs, documents you have that pertain to organization, authority, voting, accounting requirements of your HOA. In US, at monthly meetings,
there is a budget statement (balance at bank). And with a "loan" of that amount, there should have been a vote of all members. Bd of Directors
responsible for fraud should, at the very least, be ousted from the Board, and a replacement member voted in. If the HOA finances can afford it,
should do a financial audit. Anyone can skew the numbers in a written report, so a copy of the bank statement where funds are held, under the
circumstances, should be part of monthly meetings. Agenda, minutes and associated documents should be kept for 5 years. Vote in new rules.Tioloco - 3-26-2021 at 10:48 AM
HOA's in the USA are ripe with problems and fraud.
An HOA in Mexico sounds like a very difficult thing to stay on top of.
Buena SuerteHook - 3-26-2021 at 02:25 PM
HOA's in the USA are ripe with problems and fraud.
An HOA in Mexico sounds like a very difficult thing to stay on top of.
Buena Suerte
I dont think it's very common at all in the US. And even less common that someone gets away with it, scot free. There is usually a property management
company that prevents simply board members from going wild with the funds.
In Mexico, like everything else, the unscrupulous know how averse EVERYONE is at having to enter the legal system, especially the HOA, board members,
etc. Why compound the losses by being milked by the courts?thebajarunner - 3-27-2021 at 12:48 PM
I'm involved in a number of HOA deals in California
I believe that law here mandates an annual audit
I know that I receive an audit report, along with an annual budget each year for the ones that I have dealings with.
