Deerfield News Connection

April 26, 2024

 

Commingling of HOA and Developer Funds

 

The video excerpt, dated June 27, 2020, highlights the financial management practices of Deerfield Resort Homeowners Association, Inc. It reveals that Fields Development Company, the developer of Deerfield Resort, placed its funds in the same account as those of the Deerfield Resort HOA.  The decision to commingle the funds was made during the period when the HOA was under developer control. Decisions regarding the management of property owner’s security and maintenance fees were made by the developer without the knowledge or consent of property owners. Property owners have a fundamental right to know how their funds are being spent, and this breach of transparency raises serious concerns about the integrity of the association's financial management.

 

Follow this video link to learn more.