Knowing is Half the Battle

Embezzlement of funds has always been a concern for condominium associations across Connecticut.

The sentencing in January of a former comptroller of a Westport property management company who was charged with embezzling $108,000 from condominium associations while working at a provider of management services to condominium associations, should be a lesson to condo boards across the state.

Some estimates say as much as $2.3 million according to news reports, it is just that one association did not have insurance to cover the loss of $108,000.

The former property management company executive was ordered to pay full restitution and was furloughed after six months. But condominium associations took notice, and now the company’s client list is down by 50%.

Pyramid Real Estate Group, which has six condominium managers, has an  accounting services unit that provides financial transparency tools to prevent such transgressions. Boards have access to view bank accounts online, see real-time balances and run historical statements. It does a reconciliation report of finances versus bank accounts and provides financial reports to clients every 30 days.

Additionally, boards can review and approve bills online before they are paid.  For more information about these accounting best practices call 203-348-8566 or visit www.pyramidregroup.com.