Post by Admin on Oct 17, 2013 19:21:23 GMT -5
Cross-post from AnonNews
October 8, 2013
October 17, 2013
I think I may have found the answer: it appears to have been paid out of Reserves, along with several other expenses that do not appear to be appropriately payable from Reserves. Reference the August 2013 Financial report.
$9860.00 to Crystal Coatings
This is a boat load of money for some paint! What authority determined that there was a need for paint? (The record indicates that the last painting was done in 2008 and expected to last 10 years.) EXACTLY what repairs were done?
There is NO regulatory commission that requires any periodic maintenance on water tanks; that is in writing.
Why are these expenses coming out of Reserves?
$1230.50 "health corp"
716.41 "suntrust bank"
780.00 "QuakCurbs"
Where was this curbing installed?
If this was for the NEW curbing that was installed at the circle at the end of SBT, that is not a capital repair or replacement; it is a NEW structure on common property and requires the approval of members before spending funds. That curbing now needs to be maintained and that will be reflected in future assessments. The budget continues to grow...
If it was for sitework at the new Annex, it is proper.
Shouldn't our Treasurer be reporting on these expenditures so owners can understand what we are paying for? What does the Treasurer actually DO? There is seldom any more than a sentence or two "report" at monthly meetings and typically inform owners that "The XXXX Financials are available in the Office".
Here is the Florida statute language on what RESERVES are (Capital expenditures and deferred maintenance of scheduled accounts) and what they are NOT (Operating expenses). The statute also specifies that Reserve funds can only be used for RESERVE expenditures unless the owners vote otherwise.
FS720.303
(2)(b) In addition to annual operating expenses, the budget may include reserve accounts for capital expenditures and deferred maintenance for which the association is responsible.
(h) Reserve funds and any interest accruing thereon sH all remain in the reserve account or accounts and sH all be used only for authorized reserve expenditures unless their use for other purposes is approved in advance by a majority vote at a meeting at which a quorum is present.
October 8, 2013
Then, there was mention in the Express of a business called "Crystal Coatings, Inc." that repaired and repainted the water tank this past summer, but NO check was written to this business and the manager never said how much that contractor was paid for this job.
Can anyone explain that, either?
Can anyone explain that, either?
October 17, 2013
I think I may have found the answer: it appears to have been paid out of Reserves, along with several other expenses that do not appear to be appropriately payable from Reserves. Reference the August 2013 Financial report.
$9860.00 to Crystal Coatings
This is a boat load of money for some paint! What authority determined that there was a need for paint? (The record indicates that the last painting was done in 2008 and expected to last 10 years.) EXACTLY what repairs were done?
There is NO regulatory commission that requires any periodic maintenance on water tanks; that is in writing.
Why are these expenses coming out of Reserves?
$1230.50 "health corp"
716.41 "suntrust bank"
780.00 "QuakCurbs"
Where was this curbing installed?
If this was for the NEW curbing that was installed at the circle at the end of SBT, that is not a capital repair or replacement; it is a NEW structure on common property and requires the approval of members before spending funds. That curbing now needs to be maintained and that will be reflected in future assessments. The budget continues to grow...
If it was for sitework at the new Annex, it is proper.
Shouldn't our Treasurer be reporting on these expenditures so owners can understand what we are paying for? What does the Treasurer actually DO? There is seldom any more than a sentence or two "report" at monthly meetings and typically inform owners that "The XXXX Financials are available in the Office".
Here is the Florida statute language on what RESERVES are (Capital expenditures and deferred maintenance of scheduled accounts) and what they are NOT (Operating expenses). The statute also specifies that Reserve funds can only be used for RESERVE expenditures unless the owners vote otherwise.
FS720.303
(2)(b) In addition to annual operating expenses, the budget may include reserve accounts for capital expenditures and deferred maintenance for which the association is responsible.
(h) Reserve funds and any interest accruing thereon sH all remain in the reserve account or accounts and sH all be used only for authorized reserve expenditures unless their use for other purposes is approved in advance by a majority vote at a meeting at which a quorum is present.