Fraud happens. A few simple steps to protect your association...

Theft of condo association funds by board members is a reality.  Here are a few tips for protecting your association:

1. At least two board members should have access to all association bank accounts.  Funds should NEVER be under a single individual's control.
2. Bank statements and financial reports should be reviewed by all board members on a regular basis. If not monthly, then quarterly at minimum.
3. The association should obtain Employee Dishonesty coverage as a part of their insurance policy in an amount equal to the total of all association funds on hand.