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Post by Admin on Nov 11, 2015 14:09:00 GMT -5
Almost mid-November and still no September financial reports available on CHUG.
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Annonymous Environmentalist
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Post by Annonymous Environmentalist on Nov 13, 2015 9:40:13 GMT -5
Almost mid-November and still no September financial reports available. Owners are paying this mgmt.co. plenty, so, why are they 2 months behind in getting financials to the owners, and, for how long has this been going on? |
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Post by Admin on Nov 13, 2015 11:27:58 GMT -5
I think if you look under the Budget and Finances Board, the financial reports are frequently "late". If you look at the chronology of postings on CHUG, you will also see an internal "haphazardness" in posting Financial Reports. My definition and the board's definition of "late" may be different. Often, when I post that they are "late", they miraculously appear on CHUG very soon thereafter. Perhaps "forgotten" is a more accurate description of their status. Perhaps the Board thinks owners do not care about their financial reports. They seem to post meaningless "financial highlights" recently without a hitch. I do not know what this board is thinking.
The board announces EVERY SINGLE MEETING that the "financials" are not available (because the banks don't get the statements out in time--whatever that means. (In my experience, banks get this stuff out on a certain statement drop date, which is the same every month.)
Why the long delay? The checks are logged in when written by Management company and the TOPS software register is updated immediately online with the bank balance. Nothing new or unusual there; this has been done for decades with Quicken personal software.
One assumes that quarterly (assessments) or semi-annual (storage fees) income is deposited promptly and recorded on the owner accounts. Bank interest is credited automatically. Despite the resources of an accountant, a "management" company, a board "Treasurer", a major local bank and the most costly and sophisticated financial software money can buy short of the US Treasury, owners still must "beg" for 2 month old financial reports and then trudge up to the office to get a paper copy because the board is "late" or "forgets" or just doesn't want to bother posting on CHUG.
There is still no audit posted on CHUG. This cost owners $20K $17K.
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Post by Admin on Nov 14, 2015 11:47:04 GMT -5
Here it is! One must apparently now hike up to the office and interrupt the staff who has to drop everything and make copies or, if they are superbusy, they ask you to come back later... Is there any hope of getting SLohA business content online in a timely manner? Guess we will see with the new website... 2015 Sept Balance.pdf (938.69 KB) 2015 Sept Check Register Op and Res.pdf (845.74 KB) 2015 Sept Income Expense.pdf (1.27 MB) Let's see what looks interesting. Ah the assessments collected are OVER budget! Someone paying in advance or perhaps paid twice in error? Uncollectable Assessments: $26.11 for the YEAR and the budget is $5K. That item can be pretty much gone on the new budget. No collection efforts expended by Management Co--no attorney fees for NastyGrams! Audit fee expense: $17K (not 20K) Attorney Fees expensed in September: $3612.17. This is annotated "tower". Presumably this is for the costs associated with appearance at Hearing Appeal on Aug 4th. TOWER EXPENSE in favor or Brnd/stab paid for by owners. Sewer expenses Budget Buster-approaching double amount budgeted Same with Maintenance-Misc--what specific expenses are logged here? (Tower?) Don't understand why Water (63%)and Sewer (47% over) under Contract Services is so severely over-budget? Thought that was the purpose of a contract i.e. to provide service at a prior-agreed upon cost. Maybe our Treasurer can explain. Also scratchin' my head again. On Reserves, every fund has expended EXACTLY the budgeted amount. Is that a mere coincidence-is SLohA exactly on target in ALL line items on the Reserve Funds? The Reserve Check Register shows over $17K spent on "env equip sales" for waste gate valve replacement but this expense is not shown on the Reserve Fund as an expenditure. Maybe the Treasurer can explain? Also, it appears that the Line Item Schedule D Due to Reserves is just there for "show". This was an inter-fund loan long ago from Reserves to Operating and, by law, it must be paid back. (I don't know whether there is a time parameter.) SLohA has made no paybacks to Reserves so far this year. The budgeted amount is $18K. The amount paid back? Zero. We are halfway through the fiscal year. This is important! Our Reserves are dedicated, by Law, to be spent on future major repairs/replacements to capital assets. When it is "borrowed" and used for current operating costs for whatever reason, it must be paid back to the Reserves. The Association cannot move Reserve Line items around at will or mingle Reserves with Operating. Each Reserve Schedule is absolutely dedicated to its purpose and the funding that owners agree upon each year when they vote "Allocation to the Reserves". That is the law. |
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Post by Dick Tracy on Nov 14, 2015 14:23:55 GMT -5
Looking at the September Check Registers, I did not realize we paid so much money for insurance.
Edward Lamb & Associates = $23,585.00 (umbrella renew)
Rockhill Insurance = $62,301.00 (insurance renew)
I would think with this new Sale/Lease Agreement with KCNet & SLR that is in the works, our insurance premiums will only rise. These Towers are a big liability to S-bag owners.
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