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Richard Thompson Print

The reasons most often cited for the need for a homeowner association is to maintain common areas and recreational facilities. Along with the obligation to keep these commonly owned facilities well maintained, associations have been empowered to collect assessments and to establish reserve accounts. These funds are to be kept until such time that a costly repair or replacement is needed. Some people feel it is the prudent way to manage an association and others are inclined to rely on the power associations have to levy special assessments when these repairs become necessary. Their reasoning is that by removing any and all temptation and opportunity, embezzlement will be little more than a dream for those in a position to help themselves to these funds. Is there any way to safeguard against such crimes? And just who is in charge of the millions of dollars held in reserves across the country?

On The Commons this week is Richard Thompson. Richard, a management consultant and owner of the Oregon based Regenesis (www.regenesis.net), is a prolific writer on all HOA and condo related issues. One of his recent articles, "Hand in the HOA's Cookie Jar" talks about embezzlement. Please tune in to On The Commons. We'll talk about embezzlement and the risks our reserves are in and we'll find out if there are any steps that can be taken to ensure the safety of common funds.  Download Richard Thompson
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