What Board Members Need To Know...

HOA Treasurer Steals over $120,000 from Association

Aweful.  Just awful.  Not just the treasurer/manager/thief is awful, but the board members who were entrusted with all of that money by the members of the HOA.  Sure there are always bad people who will pull the cover over your eyes and dupe you into a false sense of trust, but there is just no excuse when it comes to fiduciaries like HOA board members.

The board members should have been watching the money.  Reviewing monthly statements.  Having an accountant audit their books.  Making sure they know where the associations books and records are and having unfettered access to the records as board members.  There is just no excuse.  Shame on Marcy Smitley, the treasurer, for stealing from good, hard working people in Indiana and shame on all the board members for letting it get that far.  That is a lot of money which is probably gone.  I smell some board member liability here. Stay tuned.

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