There was “loan” money for windows left over after all owners who wanted a loan got a loan. The BOD chose not to give the money back to the loan company.
Is this money accounted for in a budget or audited accounting?
Can owners start paying assessments into an escrow account? This will show our good faith in continuing to fund the building.
The BOD can show its good faith by providing audited accounts of funds paid out.
Posted by Cliff
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NOBODY KNOWS WHAT HAPPEND TO 1.5 MILLION EXTRA LOAN???
ReplyDeleteIt is the law that the board needs to provide a certified auited accounting.They are way past the deadline providing that certified accounting report.
They collect over one and a half million dollars a year,and they said that $8,000 was too much money to spend on a audited report(what a joke)or is the real reason that they did not have the audit accounting is becaue they are using condo money to fix up their units? or are they steeling money from the account? or is it because they do not want to go to jail?
I think an escrow account is an excellent idea under the current circumstances! Any ideas how we go about doing that?
ReplyDeleteI also think the escrow account is a great idea. Lets not give the crooks no more money and let them squirm like the worms they are. It will be interesting to see what happens when they don't get our money. Does everyone agree?
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