Whose Fingers Are on HOA Money?

As of October 31, 2024 The Summit's HOA had $1,498,998.69 in cash deposits on hand.

That's pretty close to $1.5 Million!

Who is authorized to touch that money?

In five years of attending Board meetings, I have never heard even one Motion to approve a Resolution to authorize any officer of the HOA to sign on accounts or to transfer money from one account to another!

A corporation, especially a non-profit corporation, should have written rules. Does The Summit's HOA have any such rules?

Who signs checks? Are checks issued by CAMS? Who authorizes CAMS to spend HOA money? Are any checks issued from the HOA office? Who signs those? The on-site Property Manager? Who authorizes her to do so? Who goes behind to confirm everything was done correctly?

Who has the authority to move funds from one banking account to another? Who renews CDs? Who can move money to higher interest-bearing accounts? Does it take one signature or two? 

Is pre-approval by the Board required? In public, at a monthly board meeting? Is any reporting required after money is moved? Who checks to be sure the transaction occurred as authorized?

A few years ago one of the Treasurers reportedly received monthly bank statements at his home! Who allowed that? Who even knew about it? The bank statements should have been mailed only to the office. The CAMS-operated office would have known about it and should have informed every member of the board.

If the local staff was worried about blowing the whistle, they should have informed the CAMS headquarters, and someone there should have notified all board members.

I recommended a forensic audit after Treasurer George Reynolds died (April 2021). I recommended a forensic audit after Treasurer Paul Hill died (April 2022). I think I recommended one after Treasurer Vernell Butler quit in November 2023.

In June 2024 the Board finally approved forensic audits of internal and external accounts. But where are those audits? Six months have passed! 

Linda Potter was Treasurer for one year (2023-2024). Now LaToya Adams is Treasurer for 2024-2025. 

It seems that I am the only one asking where the two forensic audits are and where the 2023 Annual Audit is. This last one was due May 1, 2024, and there has not been one word about it at monthly board meetings.

Where are the Minutes of the Finance Committee meetings? Can a Member of the Association (homeowner) inspect them?