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Post by BagLady on Jul 27, 2014 14:31:35 GMT -5
Where are they?
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Post by Admin on Jul 29, 2014 13:19:59 GMT -5
Guess the Mange is reading this Forum. The post for May was just posted and backdated to July 16. |
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Post by Dick Tracy on Jul 30, 2014 1:36:50 GMT -5
I have 2 questions. First, Why is Bingo money listed in SLR's Financial Statement? 2nd question, Discounts from Vendors = $18.07---What is the names of the Vendors that gave SLR a total discount of $18.07? The normal Discount in Fl. from favorite Vendors is 10% & Lawyers up to 20%. And SLR's discount from Vendors is a total of $18.07. Show Me The Money !!! 
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Post by Admin on Jul 30, 2014 8:26:53 GMT -5
I bet the ONLY reason that any discount is disclosed is that a Vendor put it on the receipt and it must be disclosed. SLohA is getting a pittance in discounts from vendors--other people are claiming it via various devices. Discounts from vendors for large projects should come to SLohA.
We never see those discounts disclosed--but these monies are the heartbeat of HOA business. It is a backdoor, privileged system that is invisible and hostile to consumers and largely protected through various laws passed by legislators who are lobbied by special interest groups--lawyers, property management companies, trade associations etc. If you do not believe this exists, you might be uninformed and naive about how the HOA business model works.
The financials reporting will not change until the owners decide it is time for to be transparent. The details of income and expense are a mere "button push" on the computer but only provides the detail when requested on an expensive and inconvenient Official Record request born by the Owners who just want to see THEIR account reports and where THEIR money is being spent!
But, MANBOD has passed SOP's requiring Owners to jump through hoops and spend their own personal monies on certifying mail and paying for a "research" fee. Does that Request Fee go to Income to the Association? Very Doubtful. To prove it, just make a records request as to where was the $105 paid by J & J A for a records request reported on the Income to SLohA to see how much $$$ was spent on the Annex Poker Room and Boat Dock last December 2013.
When the owners get sick and tired of being ripped off by this greedy regime, then all these questions can be answered and we might even get the benefit of discounts for services. Or maybe it will take a financial shortfall and crisis in funding or a major lawsuit judgment against SLohA.
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Post by Admin on Jul 30, 2014 8:44:49 GMT -5
Because the financial statement is a derived report fashioned for the convenience of the management company. It is a reorganization of the primary reports from the bank and hopefully, helps to centralize a LOT of disparate financial information.
Bingo, according to FL law, must have its own EIN (electronic identification number) and a separate account; it cannot be commingled with SLohA funds. That may have been accomplished if SLohA is obeying the law, but the funds can be reported on a derived report. However, one should see offsetting entries; i.e. a credit balance and a debit adjustment somewhere on the report so that it is clear that Bingo is NOT part of SLohA "financials".
It is reported that Bingo makes donations and buy supplies etc, but we never see that account activity. That "invisibility" was what almost got SLohA Bingo shut down a few years ago. There should also be a separate check register for Bingo--but heck, we are not even allowed to see SLohA's check register without an official record request!
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Post by Dick Tracy on Jul 30, 2014 12:02:38 GMT -5
Thanks for answering my 2 questions. I hope more residents come to realize how Management Co.s in Fl. make a profit. Thank You... I was told the same thing about discounts, by a large company official in Central Fl. In the old days they were call kickbacks,
but discounts is the new name, just sounds legal.
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Post by guest on Jul 30, 2014 12:37:39 GMT -5
Thanks for answering my 2 questions. I hope more residents come to realize how Management Co.s in Fl. make a profit. Thank You... I was told the same thing about discounts, by a large company official in Central Fl. In the old days they were call kickbacks,
but discounts is the new name, just sounds legal.
Discounts-kickbacks whatever they are called still isn't a true description. When these moneys are taken from the elderly and taken in suspicious ways it is extortion and fraud. It sure seems like criminal activity to me and I don't see it any other way. |
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