3 tips to help your board recover from embezzlement
Recovering from Embezzlement Nothings worse for business than when a board member or staff member of your homeowners association absconds with funds
. While your association insurance policy may cover the loss (if you were wise enough to carry employee theft or directors and officers coverage), how do you recover from the publicity and loss of confidence of your residents? The larger issue may be a depletion of funds available, but a sound insurance policy can help your association recover more quickly. The underlying issue, however, could be more harmful in the long run. In order for an embezzlement to occur, at least in the minds of your residents, someone had to be ignoring something. True? No. But getting beyond that perception can be difficult, if not impossible. If your association is the victim of embezzlement by one of your board members or staff, dont attempt to hide it from your residents. Instead, become proactive in informing your residents on the situation and its progress through any legal channels. 2. Provide residents with written communication that details the alleged activity (and make sure not to blame anyone lest you set your association up for a libel or slander lawsuit), what is missing, and how your homeowners association board is addressing it. 3. Remember to continue your communications with your homeowners. Update them regularly even if there isnt much to report. They need to see their homeowners association is on top of the situation and working toward a swift resolution to the issue. Reporting the problem to them and then ignoring further communication sends a signal to residents that the board is uninformed or ignoring the situation. While neither may be true, residents cant know whats being done without you telling them. A number of business insurance policies cover damage to reputation and loss of income as a result of that damage. Contact your homeowners association broker to discuss what options are available to you. Your broker is an excellent source for developing a communications plan that puts the minds of your residents at ease. That can go a long way to alleviating any damage to your reputation or future business.
3 tips to help your board recover from embezzlement
By: Emerson Poort
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