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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 114754
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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If an association puts funds n the budget pond cleaning, and

Customer Question

if an association puts funds n the budget for 2015 for retention pond cleaning, and then itdoesn't get done in that year, is this considered misapporpriation of funds
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

It is not misappropriation of funds unless the association puts funds into a specifically earmarked account for a project and then they spend the money on something other than what it was specifically reserved for. If they do not get to the work within the year, as long as they do not improperly use the funds on some other project without a proper vote of the membership to change the designation, it is not misappropriation, the funds remain and roll over into the next year to be spent on that same specific project.