What Board Members Need To Know...

Rhode Island Manager of Timeshare Charged with Stealing More the One Half Million Dollars

This is what happens when board members do not watch management..  Don’t get me wrong.  There are plenty of trustworthy managers out there but their tails are not on the line. Most have management contracts that insulate them from liability and push responsibility back to the association. That’s not the case with board members not only have personal individual liability exposure, but have to live in the communities they serve.  Managers don’t.

Just like typical community association like a condo or HOA, timeshare associations have boards and are managed by the same cast of managers.  Board members beware and watch your records and money which are entrusted in you by the people in your community who vote you on the board.  Otherwise, situations like the one in Portsmouth Rhode Island might happen to you.

There, police said Timothy F. Roche, the manager, issued 34 checks totaling over $500,000 and took the money himself from Newport Bay Club’s timeshare association’s funds.  He served as manager from 2008 to 2013.  That’s a long time and I’m sure the board trusted him. Big mistake. Read more in the Portsmouth Patch.

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