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HOA Fraud Prevention Checklist Template

Real Estate

Used to help HOA keep a fraud free staff and volunteer roster.

Fraud Prevention Checklist

  • Conduct background checks on employees, vendors and board members
  • Hire CPA to develop financial procedures
  • Implement multiple signatures for checks
  • Divide and rotate tasks
  • Do not allow cash payments
  • Divide deposit and bank statement reconciliation responsibilities
  • Review and reconcile bank statements in a timely manner
  • Require adequate supervision of employees
  • Secure your supply of blank checks
  • Regularly update signature cards, PINs and authorization codes
  • Insist that employees or directors involved in positions of trust be bonded
  • Use direct deposit or daily deposit for dues & assessments
  • Require original invoices and mark paid
  • Have duplicate bank statements sent to different people
  • Issue checks in numerical order
  • Require employees to take vacations or time away from work
  • Demand full disclosure of potential conflicts with vendors