Financials
Hello–so, followed the rules and provided a written request for documents on our CDs. Spent almost $5 of funds and half the documents given were not requested–emails. They did not provided statements of our investments and when asked, told they could not provide docuements not available. We seem to be missing almost $1.7MILLION dollars of funds as statements do not show these numbers and only emails saying “trust us”…what is my next steps to validate funds? The board and mgmt company have refused to answer my request for information
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Steve,
First let me apologize for the late response I missed this question when you posted it. You are entitled to request any financial record of the association including bank statement and corresponding monthly or annual reports on financial transactions of the association. Why you were also asking for e-mails is a mystery to me, but the true status of the association finances should be all contained in the financial statements of the association. If you believe that the board transacted business of the association via e-mail is clearly a violation of the open meeting law but is irrelevant to the questions of missing 1.7 million dollars. What you want to focus is where did that money go, if the board spent it legitimately for community issue that is one thing as opposed to embezzlement that is criminal. How it was spent with a decision that was made outside of an open meeting is a totally separate issue.
Your biggest concern as a community is where did the money go and was it used for the community or for personal benefit. Figure that out first and then deal with the latter. The association cannot deny you access to financial records of association. If they are they are trying to cover up something and you can file a petition to ADRE to force the association to comply with the law. If proof of malfeasance is discovered refer the matter to the County attorney and law enforcement for enforcement and prosecution.
Dennis