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Post by Admin on Apr 20, 2015 14:20:16 GMT -5
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Post by Admin on May 13, 2015 6:12:26 GMT -5
Here are the long-awaited "financials" for year ending 3/31/15. For reasons unknown, it has not yet been posted on CHUG and a special request had to be made to the office. Why isn't the fiscal year end report easily available to owners? It is probably the most important "financial" for owners to read as it accumulates income/expenses versus the budget for an entire year. Here are 5 of 6 pages of the report; the 6th page and a pdf version will follow this post.Attachment Deleted Attachment Deleted Attachment Deleted Attachment Deleted Attachment DeletedNon registered guests: use " saddleviewer" and password " 123abc " to enlarge/download images |
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Post by Admin on May 13, 2015 7:11:36 GMT -5
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Post by Admin on May 13, 2015 7:42:21 GMT -5
Well, I'm perplexed. But, without any meaningful information from MANBOD about the "financials" I will probably remain so concerning budget and expenses. MANBOD maintains that "informing members about how to understand its financial reports is not in the things that the Management company has to do" --either by statute, contract or simply courtesy to those who pay for its very presence in our financial affairs.  Here's a few items that jumped out: $8000.00 donation into Reserves--I cannot find where this came from or the credit? Can anyone identify the offsetting debit? $4500 transfer to reserves --same thing as above Contract Services: Water over budget $1974.01 Engineering over budget $4142.91 Admin under $1740.27 What expenses are routinely charged to this line item? Contract Services should be predictable costs because they are fixed by contract, right? Why are there such huge variances in these line items? Parts, supplies and services $5997.06 over budget Sewer $4006.73 over budget Why is Maintenance Misc $10,879.39 over budget? What expenditures are routinely charged to Maint Misc? (A recent request for a Chart of Accounts with an explanation was refused by MANBOD.) Budgeted $18,000 but spent $28,879.394 And the $15,000 Contingency Fund was nearly exhausted in 2015--on What?
And the whopper of all whoppers: Admin budgeted to spend $22,000 this year but spent $32,434.33 ( 50% overbudget $10,434.33)Back in the days before the , there was an operating principal and practice communicated during a board meeting by the board president--and that was "If any line item in the current month's budget is over budget by 10% or more, that the Treasurer will comment for the record on the reason for the excess expenditure. The only "report" members get from the current treasurer is the recitation of the balance sheet and an "all is well". From the looks of this year-end fiscal report, it is not surprising that no information is volunteered.
PS And let's not forget the $68,345.00 WASTED on legal fees
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