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Post by Admin on Dec 8, 2015 18:43:11 GMT -5
Despite repeated requests FIVE WEEKS LATER, we still have NO Financial Statements and Check Registers for October 2015. The board has just posted the Financial "Hightlights" on CHUG but these are unintelligible and useless. Note to Board: Don't even bother.
If the Board has the "highlights" available, then the details are also available.
Board: "When will you post the Financials in a timely manner without members having to beg for this information and send emails to SLR staff and officers?" All you need to do is say you will post Financials x # of weeks after the end of the month and then adhere to the schedule! Is this too ambitious a goal? Do you really need yet another reason for people to be angry and suspicious?
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Post by Dick Tracy on Dec 8, 2015 22:52:24 GMT -5
Who is the responsible person for the monthly Financial Statements? Is it our SLohA BOD Treasurer, or is our management companies (Stmbug Ixx Inc.) responsibility to generate the monthly statement?
We Can Do Better Then This ! 
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Post by Private i on Dec 9, 2015 8:25:43 GMT -5
Generally when a business or company stops providing complete and accurate financial information to the share holders or members in a timely mannor there is a lot to be concerned about. In most every case there is either pilfering, theft, laundering, embezzlement going on behind the scenes.
Accounting is straight forward and numbers don't lie, people with their hands in the cookie jar do though.
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Post by Admin on Dec 16, 2015 11:41:03 GMT -5
Treasurer today stated that the FULL FINANCIALS for October 2015 were on CHUG. They are not. The only report on CHUG is a useless "highlight". To enlarge thumbnails and/or download, sign in as saddlebagger and password bagless. This is a 2-post report (due to limitations of # of images permitted/post). Check Register page 1 & 2 Attachment Deleted Attachment DeletedReserve Expenditures Attachment Deleted Income & Expense Pages 1 & 2 of 3 Attachment Deleted Attachment DeletedContinued on next post |
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Post by Admin on Dec 16, 2015 11:49:57 GMT -5
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Post by Admin on Dec 17, 2015 9:18:37 GMT -5
Dick Tracy posted:
Management Company is responsible and accountable to provide its employer with accurate, timely and complete financial reports as required by law and directed by the Board.
The Treasurer's job is:
Treasurer is responsible for the actual physical record and accuracy of the reports generated by the agent delegated to report i.e. the Management Company. Treasurer is also responsible for administrative tasks related to the financial institutions such as removing names of retired directors from account signature cards. Treasurer is not required to have any interest or education about accounting but is responsible to delegate Corporation accounting tasks to a competent agent and provide reasonable oversight that the accounting/reporting function is being carried out in the best interests of SLohA.
Treasurer does not have a stated duty to report anything to Owners/Members; it has only responsibility to the Corporation SLohA.
Owners/Members have a right to inspect their financial records. ALL of them ALL of the time. There "should be" no charge for any electronic reports since they require only locating a record and pushing an Attach key. Nearly 100% of SLohA records are electronic. (The historical paper records were completely converted to digital in 2013 and hopefully, were indexed. Most information is created in digital form now. I can only assume that SLohA continues to scan the few remaining paper copies into digital form so they cannot be lost like what reportedly happened with the Brnd/stab Mystery Tower Agreement.)
I am disappointed but not surprised that board makes Owners/Members beg to get monthly financial reports 5-6 weeks after the end of the reporting period, are repeatedly ignored when asking Board to provide editable reports, advised that they are not required to provide explanations of financial reporting such as a descriptive table of Line Items or ignored when requesting additional reports such as Line Item. It is the board's duty to direct its accounting agent to provide timely information to Members at the suggestion of the Treasurer. If Members are denied access to financial information, Members must address the Board (which they have done).
Member should bear in mind that SLohA is currently only under the obligations of its own Bylaws and the Not-for-Profit Corporation statute FS617. Forget whatever FS720 says unless and until SLohA is revitalized. Until then, FS720 is a suggestion only. Corporations seeking revitalization would be wise, however, to continue to adhere to FS720 provisions and not hide behind the "document timeout".
I am forwarding a request to Management Company today after being directed to do so by the Auditor, who would/could not answer my questions with specificity. It is a request asking why SLohA files tax returns as a regular corporation rather than as a corporation homeowner association. Corporation Homeowner Associations receive very favorable tax treatment because virtually ALL income and expenses are exempt from taxation. Hopefully, this question will be answered.
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