Hello - seeking advice ASAP. It's been known for years that the previous President of the coop had personally maintained a petty cash account for keys, fobs, and misc. expenses; however, has been reluctant to transfer responsiblities and management of said account to our new management company, due to primarity her stubborn and bully-ish demeanor. The President was ousted at the last annual shareholder's meeting and to this day has yet to relinquish the account, only to give a certified check to the corporation for the supposed amount that was in the account. As the new President, I strongly suspect that the ex-president not only didn't close the supposed account but actually co-mingled any corporate funds into a personal account, since the certified check came from their name, personally.
Has anyone had a similar situation with a previous Board member in relinquishing corporate account information and if so how did you go about ensuring that all documentation, including financial informaiton, was transferred to the new Board. Thanks!