BajaTed
Senior Nomad
Posts: 859
Registered: 5-2-2010
Location: Bajamar
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Bajamar HOA Fraud
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???
Es Todo Bueno
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PaulW
Ultra Nomad
Posts: 3078
Registered: 5-21-2013
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HOAs have to be closely watched. Best to become involved and force audits regularly.
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wilderone
Ultra Nomad
Posts: 3826
Registered: 2-9-2004
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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.
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Tioloco
Ultra Nomad
Posts: 2784
Registered: 7-30-2014
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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
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
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Quote: Originally posted by Tioloco  | 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?
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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
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Mood: muy amable
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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.
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