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I am on a newly organized board for a condominium HOA. The

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previous treasurer had no audits...
I am on a newly organized board for a condominium HOA. The previous treasurer had no audits for the past 8 years. The condo is in Richardson,Tx. Is this a crime?
Submitted: 1 year ago.Category: Real Estate Law
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Answered in 12 minutes by:
8/28/2016
Real Estate Lawyer: Loren, Lawyer replied 1 year ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 35,884
Experience: 30 years of real estate practice experience.
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Tx law requires annual audits of the condo association finances. Failure to do so would open the treasurer and prior board to an award of damages and exposure to liability.
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Real Estate Lawyer: Loren, Lawyer replied 1 year ago
It is not a crime, but it is a breach of fiduciary duty for which the board and treasurer can be sued.
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Customer reply replied 1 year ago
criminal or civil liability?
Real Estate Lawyer: Loren, Lawyer replied 1 year ago
Civil
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Real Estate Lawyer: Loren, Lawyer replied 1 year ago
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Real Estate Lawyer: Loren, Lawyer replied 1 year ago

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Real Estate Lawyer: Loren, Lawyer replied 1 year ago

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Loren
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