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Post by Dick Tracy on Nov 22, 2016 16:25:38 GMT -5
I sure hope SLohA's Budget Comt. will start using the phrase "Cost Containment". Every year for the past few year we keep having a increase in SLohA's Yearly Budget. IMO it is not justified to keep increasing SLohA's Budget. We have gotten away from being Frugal-Minded. Most of the Increases in SLohA's Operating Budget IMO are due to poor decisions by our BOD's and Stmbug Ixx Inc. I told the Board this at a Special BOD Mtg. and they all proceeded to "laugh". I stated you may laugh, but I do not think this is a "Laughing Matter".
I had requested a letter written by their attorney's to the BOD's. No one in the audience had prior knowledge of the context of the Attorney's Letter to our BOD's. So I proceeded to read the letter to the members in the audience. The attorneys advised our BOD's to drop the pending lawsuit, because it is not a fight that they can prevail. What did our BOD do? "Let's charge ahead and let the chips fall where they may"! Now that is and was a $200,000.00 mistake and will be costly for SLohA for many years to come. That is just one example of many.
IMO a few old white men have cost the Community over One Million Dollars and that figure will be forever growing. We needed a $600,000 Annex Bldg. with a private poker room, a $300,000 pier (flawed), paving project (xxxx), sewer/water (compaction xxx), Bottom Line = SLohA Leaders Have Created Many of Our Problems.
I have not mentioned The KCNetwork Organization at Suite 13 in Lake Wales, Fl. 33953. I do not plan on paying one "cent" towards this For-Profit Enterprise located in our community. This operation IMO is one big joke, and the community has been hood-winked from the beginning by 3 or 4 major players. The number one major player is a convicted felon, who spent 3 yrs in a Federal Prison in Iowa and was on 4 yrs probation.
Now the residents in SLohA are paying For The Cost of Bb stab's KCNetworks For-Profit Communication Towers Cost!
I Choose Not To Support (Bb stab's) KCNetwork Tower Cost...
JimA.
16RC
PS. Time For Change in Our Community !
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gusto
Addict
"A Friend of Bill W."
Posts: 117
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Post by gusto on Nov 23, 2016 10:50:39 GMT -5
The system is setup so money has to spent and paid to the management companies favorite vendors, that is how management companies in Florida make money. The 10%/15% and 20% discounts are paid back to the management companies through their favorite vendors. They do not make money on the annual maintenance contract. So we have a situation that does not encourage containing cost. Just look at this managements company's track record, where do you see any effort in containing cost in SLohA? You do not, it is all about spending our reserves. It is very common in Florida for Law Firms to give 20% discounts to HOA Management Companies. So why are our Lawyer Fees always over budget? The proof is in the Pudding. Who is running the show? A HOA Management Company. And until our BOD's takes back control, nothing will change.
This problem is not unique to S-bag, it is happening in most HOA's through out the state of Florida.
Members need to start asking question about how our money is being spent. Lets go back to being Frugal...
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Post by Dick Tracy on Nov 24, 2016 11:47:59 GMT -5
My suggestion is a straight 10% across the board cut in spending, then learn to live with it.
Many senior members in S-bag have to live with these budget cuts in their daily lives every single day.
S-bag Lake Owners Association can also learn to live with reductions in spending. If not, step down as Board Members, others will cut out the pork barrel spending to reduce our expenditures.
16RC
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Post by Fixed Income on Nov 28, 2016 15:19:22 GMT -5
Below are some Novel Idea's to increase revenue and also decrease cost:
1. A yearly fee for pool passes.
2. Increase storage fees.
3. Increase boat slip fees by 250%.(presently cheaper then storage lot fees)
4. Utilize the pool cover and reel on a daily bases.
5. Moratorium on all new landscaping.
6. Seek new law firm to represent S-bag Lake Resort Owners Association.
7. Seek new management company to represent S-bag Lake Resort Owners Association.
8. Increase KCNetworks communication tower rent to $1000 per month per tower.(approx)($60,000 per yr.)
Concerned Fixed Income
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Post by Admin on Nov 28, 2016 23:41:48 GMT -5
Your ideas are mostly sound and "doable"-- but based on a non-existent premise i.e. that the Management company has a goal of controlling or reducing operating costs for owners. Clearly, this is not the case. One of the first stated goals of the Management company in 2010 was to "execute the reserves" -- indicating an intent to spend owner money.
As noted by another poster, the Management Company cannot make money from the paltry contract "management fee"; it must engage the services of favored vendors for which it is rewarded with referral fees-- typically 10-20%. This used to be called "kickbacks" (Wink-Wink) until that practice was shut down. Now, it is "wink-wink" professional referral fees!
IMO, the ONLY way to change the income/expense model is to disengage the Management company from S-bag operations and "go bare" for a few years. Hire the specific talent needed for short and long term corporate and business needs. Break up the Stmbug Ixx/KCNetwork/GaGaKnees/SLR Investment Partnership gang. Decentralize the power plant. Seat a Board that is EAGER to apply focused and "hands on" effort with a clear vision for the future and rational priorities. Hire a seasoned business manager. Hire an Accountant. Put a reputable attorney on retainer and require him/her to assist the Board and attend board meetings. Begin to operate in a transparent manner and conduct elections that owners can trust. Make regular owner participation/inclusion and education a priority.
S-bag is floundering and has lost is way since the arrival of Stmbug Ixx in 2010. I don't think anyone envisioned the disastrous consequences of rebranding S-bag to Stmbug Ixx.
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Post by Dick Tracy on Nov 29, 2016 1:15:00 GMT -5
S-bag Lake Owners Association needs a In-Depth Forensic Audit, as we do have a tangle web
of deceitful practices.
Forensic Auditing
What it is:
Forensic auditing examines individual or company financial records as an investigative measure that attempts to derive evidence suitable for use in litigation.
How it works (Example):
Forensic auditing can sometimes be referred to as forensic accounting.
Forensic auditing combines investigative techniques along with an understanding of accounting principles to determine if there are suspicious practices hiding beneath company or individual financial records and statements.
Certified forensic auditors are trained to present their findings in legal proceedings that concern fraud, embezzlement, or financial disputes.
Why it Matters:
Forensic auditing is important because it presents financial statement and transaction information in a way that is suitable for court.
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Post by Admin on Nov 30, 2016 11:52:19 GMT -5
Dick Tracy posted:
It should be recalled that a forensic audit is similar to but has a very different purpose from a regular yearly financial audit. A forensic audit is done when there is a hypothetical basis for suspecting financial misdeeds and this audit is done with a wealth of practical knowledge of financial "stealth and dirty tricks". It actively seeks to either confirm the suspicion or eliminate the cloud of suspicion. Regular financial audits are just general accounting and, when done by the same auditor for decades, places an additional rung on the ladder for the forensic auditor to factor in.
At this time when SLohA is actively writing a new budget, Owners should alter their mindset from "unquestioned acceptance" to "critical thinking". At the very basic level of questioning, one should ask if a line item and funding amount makes sense for a personal budget. Of course, a corporation has more complexities, but that is relatively easy to sort out. For example, why does Management bang owners for $10K annually for Liens and Foreclosures when S-bag has not placed a lien nor initiated a foreclosure for many years? The last recorded lien was 2014 (cost about $20). The last recorded foreclosure was 2011. Why? In 2012, it discovered that the Covenants purportedly giving SLohA authority to foreclose were expired (This question is currently being litigated and SLohA cannot reasonably proceed with foreclosures until the authority to do so has been judicially determined. SLohA can place a judgement lien as can any owner/citizen.) Further, SLohA has virtually no delinquent accounts, as evidenced by full funding of the Operating account each quarter. There is no reason to fund this Line Item for any actual or proposed expense.
Also, why does SLohA continue to hide expenses behind its derived reports? Owners have asked for years to have the reports in editable Excel format. We have asked for years for the numbered index of Line Items. We have asked that the credit charges be attributed to the vendor and tagged with a short description. We would like a Treasurer's report at the monthly meeting when a Line Item has been exceeded by a significant percentage. In a transparent financial world, bank statements would be posted on the website along with understandable reports and explanatory notations about deviations from the budget. Owners have been ignored and indeed, last year the board president attempted to cut owners off from asking budget questions at the Annual Owners Budget Meeting. (Hopefully, this year the meeting facilitator and budget designer-Toneesha-will be tasked with controlling the meeting and answering ALL the questions without interference!)
Does Admin think there are financial misdeeds? Yes and No.
Financial shenanigans--Yes--based on the obvious involvement with KCNet and general lack of adherence to governance from within and outside of the S-bag Bubble. The willingness of a recent board to give check writing authorization to Non-Officers in the past--even when called out refused to acknowledge the prohibition in our own documents--was very disturbing and a frantic yellow caution flag. This cavalier attitude by the board-vigorously assisted and defended by Management Company- is worrisome and suggestive of additional reckless practices that are not as visible to owners. Do I think it likely that financial shenanigans rise to the level of prosecutable criminal embezzlement? No. I could be wrong, especially when KCNet is added to the mix.
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Expose
Pilgrim
"Always Seek The Truth"
Posts: 43
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Post by Expose on Nov 30, 2016 20:16:40 GMT -5
I could be wrong, especially when KCNet is added to the mix.
look at the track record of the main players behind the scene.
Believe me, this will be exposed to all, in the future. |
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Post by Dick Tracy on Dec 18, 2016 23:45:41 GMT -5
Manager's Report
Dec. 14, 2016
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Quote:
Maintenance is currently replacing the borders of the SR 60 SLR sign and "installing irrigation".EndQuote
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Please...
Enough already with the landscaping and irrigation !
Why are we installing irrigation for the plants at the Rt. 60 sign?
This is just one example of "many expenditures" that are truly not needed in SLohA...
And you say what leery listerine (Board President)?
(16 RC)
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Post by Admin on Dec 19, 2016 0:12:41 GMT -5
This reminds me of hoarder's mental disorder. There is no end to the HOA collective obsession with acquiring more landscaping/irrigation. Now we'll pump water all the way up along county property to SR60 and water the cacti!
And "Management" has the audacity to whine about an owner who waters their new lawn and flowers and threaten to illegally bill them for "overusage"!
Freaking bizarre!
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Post by Fed-Up on Dec 21, 2016 0:24:46 GMT -5
Common Sense tells one to plant "Can't Kill Plants", they would be plants native to the Florida environment.
Consult your local University Extension Service, or your local nursery, they will be glad to assist you in a can not kill plant landscape.
PS. Very hard to kill a big rock landscape !
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Post by Admin on Dec 21, 2016 15:46:35 GMT -5
Admin posted:
Haha it has now been reported that the "irrigation" system will be a collection/measured gravity drip system ....AKA "rainfall". Maybe it will be high tech and have a cork that senses dryness and opens the valve like most residential systems. Anyway, it seems like much greener plan though it still involves more labor cost to maintain.
At a time when SLR should be looking for ways to economize costs and seems wary of new neighbors, it seeks to increase its visibility to the community it does not want to reside within its gates and to increase maintenance costs.
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Post by Dick Tracy on Dec 22, 2016 1:14:36 GMT -5
One would assume the "55 Community" hanging sign would be remove in the redo.
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