It is the responsibility of the BOD under fiduciary responsibility to keep owners updated on the status of our finances: not send an annual surprise!! assessment and increase, as last year. The blame game must end and persons who understand finance need to have access, without having to send certified letters for information, and then have lawyers hands out to review repeatedly, what is clear under Florida statutes and our governing docs. The postcard sent recently, advising owners that they could obtain a copy of the 2013 audit report was not “in accordance” with statutes or our docs. They statutes and docs state that all owners must be mailed or hand-delivered a copy. Not advised that they may request one. And on and on it goes…….WHO CARES??? (not our sentiments-we do)
The recent letter with the “wish list” of bbq pits and bocce, appears to be an advertisement for how well the 2014 BOD is doing. Anyone looked at our “exercise room” lately? It was embarassing to show to a prospective buyer, who visited the pool and wanted to see inside the clubhouse. (the Rules and Regulations were what turned her off, as they do most thinking persons)
The budget revenue and expense reports prepared by Sentry and provided only to BOD members, show that up until my “firing” VLC was way under budgeted funds for building maintenance and cleaning, and way over for other areas such as lawyers. (this is NOT due to Cathy Hutton and will be explained and documented-it is due to ignorance and self-serving persons who seem to think we don’t need to know what is occuring with our investments).
Attached is the May 31st review and copies of our bank statements. I have asked if we maintain a separate escrow fund for security deposits and not received any response from Sentry, or the BOD. It appears we do not. Please look up the laws regarding commingling, and the circumstances under which it is allowed. Also, review the books which included $22.5k reserves for paving, prior to 2013 and then 2014 Special Assessment included it at $14.5k again. Does anyone else care about having finances managed by knowledgeable persons?
2014 05 30 Reserve Analysis Estimated 7 12 2014
One of my suggestions completely ignored by Aliperti, and the rest was to establish a financial committee. I am aware of several accountants/retired and working, who are owners and finances do not need to be reviewed in meetings in the clubhouse – they can be done from anywhere. This group would be able to prepare a budget and present it far better than what we were given last year, with Sentry’s Glynnis Lowman, Marguerite Kisner as president and Paul Weber as Treasurer ( though Weber was last year’s dissident).
I have sent this and the prior 3/31 estimate to the “remaining” BOD members for comment, and included Sentry CAM Lucia Stiles. I also inquired if we met an exception to commingling. No responses. As with most issues, I do not know if “WHO CARES” applies, or it is just not understood that Tenant Security Deposits belong in an ESCROW account, why, or why the rules are as they are. If anyone has suggestions or can shed further light on our financial issues, please do so. We believe if monthly reports of actual revenue and actual expenses, compared to budgeted were distributed, more owners would pay attention and add constructive corrections to help stabilize our finances.