In the news recently are two articles about misappropriation of condominium association funds.\u00a0\u00a0 The first one was a Portsmouth, NH bookeeper who allegedly stole funds from two condominium associations in that town. \u00a0 The second concerned a person who allegedly stole money from a\u00a0condominium association in Biddeford, and also from a festival which celebrates the French heritage of that town.\u00a0 Several other recent articles detailed misappropriation of funds from businesses, from municipalities and even from attorneys trust accounts by employees.<\/p>\n
As numerous as the newspaper articles are, they report only the tip of the iceberg.\u00a0 Many organizations do not report embezzlement out of embarassment or the fear of bad press.\u00a0\u00a0For small associations especially,\u00a0financial controls are\u00a0loose and it is\u00a0relatively easy to steal funds and to get away with it for a significant time.\u00a0 Fidelity insurance, purchased as part of the association’s insurance package, can cover these risks.\u00a0 It is relatively inexpensive and can help you\u00a0recover from those occasions when\u00a0a treasurer or someone else has made off with association funds.<\/p>\n","protected":false},"excerpt":{"rendered":"
Protect yourself against theft of funds. Fidelity insurance is highly recommended, especially for small associations.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-50","post","type-post","status-publish","format-standard","hentry","category-insurance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t